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Wednesday, September 13, 2017

Agro Commodity Update (13th-Sep-2017)





Fundamental Aspect



CPO future traded continuously with positive bias from last couple of days tracking firm cues in the International prices. The prices were also supported due to increase in tariff value for Crude palm oil and higher demand for coming festival season coupled with higher import duty also supports prices. Recently government raised import duty on crude palm oil to 15% from 7.5%, and on refined palm oil to 25% from 15% but higher stocks in the country is having bearish impact. As per the latest SEA release, during November-August period, crude palm oil import increased to 50.82 lakh tonnes as compared with 46.70 lakh tonnes noted during the same period of the previous oil year.

Cotton futures traded marginally lower tracking weak international prices and higher acreage in the country. Moreover, arrival of new season cotton also pressurizes prices. As per the latest data from Agricultural Ministry, The area under cotton across the country was at 121 lakh ha as on last week, up nearly 19% on year. The cotton acreage is higher this year; industry expects cotton output to be sufficient. In Maharashtra, the largest growing state, acreage of cotton was up 10.6% on year at 42 lakh ha as of Thursday while, in Gujarat, the second-largest producer, the area was up 10.5% at 26 lakh ha and in Telangana, cotton has been sown over 18.6 lakh ha, up 48.9%.

Turmeric futures gained marginally due to short covering by the market participants due to improved rains in Turmeric growing areas during week ending 6th September. As per the data release by government, the exports during the first quarter of FY 2017-18 is down by 10% to 33,323 tonnes, compared to last year exports volume for the same period. The production estimate of turmeric for 2016-17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015-16. For 2017-18, turmeric sowing in Telangana, as on 6th Sep, down 1.5% to 44,956 hectares as compared to last year acreage of 45,633 hectares.


Technical Aspect (Oct)



Jeera



Support at 19000 and Resistance at 19550.

Break and sustain below 19000 will take it to 18750—18500 and then 18200 mark else could touch its resistance level of 19550.

Fresh buying can be initiated above 19550.

Trade safely with levels only.



Castor Seed 





Support at 4750 and Resistance at 4880.

Looks positive and likely to touch 4880. Break and sustain above 4880 will take it to 4960---5025+++ mark in near term else could touch its support level of 4750.

Fresh selling can be initiated below 4750 mark.

Trade with levels only.



Turmeric 





Support is at 7550 and Resistance is at 7900--8000.

Forming strong base near 7550. If prices manage to accept this support then will see good upside in it till 8000 mark.

Any clear direction seems will update.



Guar seed (Oct)





Support is at 3830 and Resistance is 3930

If prices unable to breach its support level of 3830 then we can see good upside in it till 3930. Break and close above 3930 will take it to 4050---4120 and then 4200+++ mark in near term.

Fresh selling can be seen below 3830 mark



Guargum (Oct)






Support is 8050 and Resistance is at 8350.

Break and sustain above 8350 will take it to 8520—8650 and the 8800++ mark in near term could touch its support level of 8050.

Fresh selling can be seen below 8050 only.

Trade with levels only.



Chana 






Our buy call of Chana from 6200---6324 proven great.

Now what to expect???

Support at 6100 and Resistance is at 6350.

Looks positive and likely to touch 6350. Break and sustain above 6350 will take it to 6450—6520 mark else could touch its support level of 6100.

Fresh selling can be initiated below 6100 only.

Trade with levels only.



Rmseed 





Support seen at 3780 and resistance is at 3850.

Looks positive and likely to touch 3850. Break and sustain above 3850 will take it to 3930---4000++ mark in days to come else could touch its support level of 3780.

Fresh selling can be initiated below 3780.

Trade with levels only.



Soybean 







Support seen at 3050 and Resistance is 3155.

Break and close above 3155 will take it to 3190---3240 and then 3400++ mark in near term else could touch its support level of 3050.

Fresh selling can be initiated below 3050 only.

Trade with levels only.


Mentha oil 







Support is 1180 and Resistance is 1230

Look positive on chart and likely to touch 1230.

Three consecutive closes + weekly close above 1230 will take it to 1280---1320+++ mark else could touch its support level of 1180.

Fresh selling can be initiated below 1180 mark on closing basis.

Trade with levels only.


CPO




Mindblowing rally from 521---543. Again recommended buying above 540 mark

Now what to expect???

Above 540 rally likely to continue till 552—560++ mark. 

Support and revise stop loss of 529.

Trade with levels only.















More will update soon!!