Agri Commodity Update (07th-Dec-2017)
Fundamental Aspect:
Jeera futures prices likely to trade lower for the day on profit booking from the lifetime high levels. Further, good sowing progress of jeera as per expectations due to higher market prices may weigh down the sentiment of its prices. However, likely chances of drop in supplies in the coming days due to lower carryover stock may support prices to trade higher. Further good domestic as well as export demand may create active buying activities at major spot market, which is also supportive for jeera futures to trade higher in near term. Cyclone Ockhi is likely to weaken as per IMD.
Dhaniya futures prices likely to trade on a positive note on lower supply which is expected to decrease further across cash market while most of the materials are medium to lower quality. Moreover, expectations of sharp decrease in cultivation area under dhaniya due to prevailing lower prices may support the dhaniya futures to trade higher. Slower pace of sowing activities due to dry and hot weather conditions in major growing regions of Gujarat, Rajasthan and MP is also supportive for dhaniya futures for short to medium term.
MCX CPO traded lower form last couple of days due to weak cues from overseas market and strength in rupees. The government today reduced the base import price of all edible oils, with the steepest plunge of $26 per tn in crude palm oil. The prices have jumped higher in Nov when centre has raised the import duty on crude palm oil to 30% from 15% and on refined oil to 40% from 25% in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners.
Technical Aspect (Jan)
Turmeric (Apr)
In line with our expectation we have seen sharp recovery in prices .
Now what to expect?
Support seen at 7220 and Resistance is 7450.
Rally likely to continue.Break and sustain above 7450 will take it towards 7530—7600 and then 7680++ mark in near term.
Fresh selling only can be seen only close below 7100 (Major support) on closing basis.
Trade with levels only.
Jeera
Support seen at 21400 and Resistance is at 22000.
Correction likely to continue from higher level. Break and sustain below 21400 will take it towards 21180—20850 and then 20500 mark in near term.
Fresh buying can be seen on close above 22000 mark on closing basis.
Trade with levels only.
Castor Seed
Support at 4550 and Resistance at 4650.
Looks weak on chart and likely to touch 4550. Break and sustain below 4550 will take it to towards 4490—4440 and then 4380 mark else could touch its resistance level of 4650 mark.
Fresh buying can be initiated above 4650 mark on closing basis.
Trade with levels only.
Guarseed
Support is at 3870 and Resistance is 3950.
Looks weak on chart and likely to hit 3870. Break and sustain below 3870 will take it towards 3830—3780 and then 3720 mark in near term.
Hurdle and stop loss will remain at 3950 mark on closing basis.
Trade with levels only.
Chana
Support is 4400 and Resistance is 4480--4550
Sell on every rise till 4480 and likely to touch 4400. Break and sustain below 4400 will take it towards 4340—4270 mark in near term.
Major upside will be seen only on close above 4550 mark.
Trade with levels only
RM Seed
Support seen at 4050 and resistance is at 4130.
Buy and accumulate on decline till 4050 and it’s likely to touch 4130 in near term. Break and sustain above 4130 will take it towards 4180—4230 and then 4300++ mark in near term.
Fresh selling can be initiated below 4050 mark on closing basis.
Trade with levels only.
Soybean
Support seen at 3100 and Resistance is 3180.
Rally likely to continue till 3180. Break and close above 3180 will take it towards 3230—3270 and then 3350++ mark in near term.
Buy and accumulate more on decline.
Trade with levels only.
Soy Refined
Support is 728 and Resistance is 740.
Either side break and close will set the further trend in it.
Fresh selling only can be seen below 728 mark on closing basis.
Trade with levels only.
CPO (Dec)
Support seen at 572 while Resistance is 580.
Panic likely to continue till 572 . Break and close below 572 will see a new bearish phase in the near term.
Fresh buying only can be seen above 580 mark on closing basis.
Trade with levels only.
More will update soon!!!
