Turmeric Aug futures surged up Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 0.87% to 7640 level at NCDEX. NCDEX August Turmeric futures closed lower on Wednesday due to profit booking from the higher levels. However, the prices may get support on dry conditions in turmeric growing areas, slower sowing progress and good physical demand. In Telangana, turmeric acreage as on 29-Jul- 17, down 2.5% to 39,000 hectares as compared to last year acreage of 40,000 hectares Market arrivals dropped about 30% in July compared to June. As per Agmarknet data, about 19,218 tonnes arrived in July compared to 27,373 tonnes in previous month.
TURMERIC (AUG) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2:7840
RESISTANCE 1: 7740
SUPPORT 1: 7520
SUPPORT 2: 7400
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Aug futures slipped by -1.66% in the last trading to close at 2954 level till Thursday closing. NCDEX Soybean August futures closed lower for the third consecutive day on Wednesday as market participants liquidate their long positions on anticipation of steady demand for soybean in coming weeks due to sufficient supplies of edible oil in the country. Kharif Sowing of soybean fell so far during the period due to a drop in acreage in Madhya Pradesh, the country's largest producer of soybean, as most farmers shifted to more profitable crops such as cotton due to poor returns from oilseeds last year. As per government data, soybean planting fell 10.3% to 95.7 lakh hectares compared with the same period last year. Last year, the acreage was 106.7 lakh hectares.
SOYABEAN (AUG) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3045
RESISTANCE 1: 3000
SUPPORT 1: 2920
SUPPORT 2: 2900
STRATEGY: SELL ON RISE
The NCDEX Guarseed Oct futures surged up by 1.59% in the last trading to close at 3639 level till Thursday closing. Rains in Rajasthan and Gujarat and prospects of more rains in coming days kept trend weak for Guar as sowing reports turn out to be good. Higher than normal rains in West Rajasthan had kept trend down so far as that favorably affected the sowing. As per latest Rajasthan Agri dept report, as on June 27, the sowing area has increased to ~6 lakh ha—up 445% vs last year 1.1 lakh ha. However rising exports are supporting the price. As per IMD, Rajasthan received 40.40mm of rainfall during the week 22 -28 June, 142% above the normal weighted average of 16.7 mm.
GUARSEED (OCT) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3700
RESISTANCE 1: 3670
SUPPORT 1: 3590
SUPPORT 2: 3540
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Aug futures slipped by -0.67% in the last trading to close at 4728 level on Thursday. Lack of buying activities due to heavy rainfall led to further decline in spot price. Arrivals of 3000 bags have been witnessed in Kota market. No change has been observed compared to previous day. Arrivals in Guna market (MP) have also been steady at 3000 bags. Smaller market like Ramganj has also observed lower arrivals of 1000 bags to a total of 5000 bags. Also during this week, arrivals in Gondal market have been in a steady range of 4000-5000 bags. Higher supply and weak domestic demand is expected to bring further decline in spot price for the day. There may be higher moisture content in coriander stocks due to heavy rain fall in Gujarat and Rajasthan. But overall trend is still bearish in the market.
DHANIYA (AUG) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4850
RESISTANCE 1: 4790
SUPPORT 1: 4690
SUPPORT 2: 4650
STRATEGY: SELL ON RISE
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