Turmeric June futures slipped on Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is flat by 0.00% to 5322 level at NCDEX. Turmeric rates found strong support at these lower levels. But monsoon arrival reports are preventing any strong uptrend. With rates at very low levels, further downtrend may be limited. However favorable monsoon reports amidst high stocks and lack of strong demand kept the uptrend limited. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing. As of now trend looks weak. Exports are however expected to recover for the new crop at these lower levels as arrivals slow down.
TURMERIC (JUNE) TECHNICAL VIEW:
CS TURMERIC (JUNE) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5400
RESISTANCE 1: 5360
SUPPORT 1: 5300
SUPPORT 2: 5250
STRATEGY: SELL ON RISE
The NCDEX Soyabean June futures a surged up by 0.63% in the last trading to close at 2713 level till Thursday closing. Negative global cues weighed over the market on the midweek. Talks of sufficient amount of inventory lying with stockists and reports of timely onset of soybean were seen as other bearish price drivers. But shorts covered later as prices were at strong support levels. On the whole, prospects of a better monsoon year and poor buying interest in spot markets will encourage sellers to enter at every rise this week. The upside will be limited this week because of lack of strong export demand for soy meal and a comfortable world wide supply situation.
SOYABEAN (JUNE) TECHNICAL VIEW:
CS SOYABEAN (JUNE) OVERVIEW:
TREND: BEARISH
RESISTANCE 2:2770
RESISTANCE 1:2740
SUPPORT 1: 2680
SUPPORT 2: 2660
STRATEGY: SELL ON RISE
Guarseed futures traded on a Negative note decreased demand on Thursday (5.00PM). Gaurseed June contract lost -0.30% to 3344 levels. Markets Monsoon arrival report before time continued to keep pressure on Guar rates even at these lower levels. Rains would be beneficial for the new crop sowing from next month. As monsoon reports remain favorable, some more short term dips are not ruled out. Trend would remain very volatile however. Pre-monsoon showers are likely to have good impact on crop sowing starting June.
GAURSEED (JUNE) TECHNICAL VIEW:
CS GUARSEED (JUNE) OVERVIEW :
TREND: BEARISH
RESISTANCE 2: 3410
RESISTANCE 1:3380
SUPPORT 1: 3310
SUPPORT 2: 3250
STRATEGY: SELL ON RISE
The NCDEX Dhaniya June futures Slipped by -0.38% in the last trading to close at 4712 level on Thursday. After a 1-sided increase in the beginning of apl, there is a huge decline in the coriander's market. on the commodity exchange NCDEX the price of coriander has dropped has by around 1,500 RPs in a month. in the beginning of April, coriander price for near future trading on NCDEX 7900 per quintal, but now the price has come down to RS 6450. in march , the price of coriander touched a low of RS 6410. Which was lowest price in about 13 months. there has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
DHANIYA (JUNE) TECHNICAL VIEW:
CS DHANIYA (JUNE) OVERVIEW:
TREND: BEARISH
RESISTANCE 2: 4900
RESISTANCE 1: 4800
SUPPORT 1: 4600
SUPPORT 2: 4500
STRATEGY: SELL ON RISE
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