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Monday, January 22, 2018

Update Agro Commodity Update (22nd-Jan-2018)





Agro Commodity Update (22nd-Jan-2018) 


Fundamental Aspect:


Soybean future prices settled the week with higher note supported by good physical demand and lower supplies. Futures Prices have touched 16 months high while spot prices have jumped more than 10% in last one month. As per the trader source, Soybean arrivals during first 15 days in January were noted down 41% to 2.18 lakh tonnes on year. According to the latest report of SOPA, soybean inventories with farmers, traders and plant owners at the end of December were at 6.5 mt, down from 8.2 mt a year ago. The arrivals have been lower during December compared to last year. India's soymeal exports during Oct-Dec were pegged at 579,000 tonnes, as against 507,000 tonnes a year ago.

Chana futures prices settled the weak lower amid technical selling initiated by the market participants tracking weak spot prices amid higher acreage in the country. As per the latest government sowing data, area under the chana crop across the country was up 7.9% on year at 105.6 lakh ha as on last week. Current futures have been trading at nearly 3 year low on reports on higher stocks and good sowing progress. India imported about 5.84 lakh tonnes of chana during Apr Oct, up by 430% compared the last year imports.


Technical Aspect  



Guar seed (Feb)


Image result for Guar seed


Support is at 4150 and Resistance is 4320.


Sharp recovery has been noticed in the prices. Hurdle is 4320. Break and sustain above 4320 will see a sharp upside rally till 4370—4450++mark in near term. 

Fresh selling can be seen on close below 4150 mark.


Trade with levels only.



Chana (March)


Image result for Chana


Our sell cal from 3800---3651 has proven great.

Now what to expect?

Support is 3650 and Resistance is 3800

Panic likely to continue. Break and sustain below 3650 will take it towards 3580—3530 mark in near term.

Fresh buying only can be seen on close above 3800 mark.

Trade with levels only.



RM Seed (April)


Image result for RM Seed


Support seen at 3950 and resistance is at 4050.

Looks positive on chart. Break and sustain  above 4050 will take it towards 4120—4160 and then 4250++ mark.

Fresh selling can be initiated on close below 3950 mark.

Trade with levels only.



Soybean
  
Image result for Soybean

Support seen at 3250 and Resistance is 3380.

We expect positive move likely to continue in near term. Buy and accumulate more on decline and its likely to hit 3380 .Break and sustain above 3380 will see sharp upside rally till 3430—3480 and then 3550++ mark in coming days.

Fresh selling can be seen on close below 3250 mark .

Trade with levels only.



Castor Seed (Feb)


Image result for Castor Seed


Support at 3970 and Resistance at 4100.

Looks weak on chart and likely to hit 3970. Break and close below 3970 will take it towards 3920—3860 and then 3800 mark.

Fresh buying can be initiated above 4100 mark on closing basis.

Trade with levels only.




Cotton 

Image result for Cotton

Support is 20700 and Resistance is 21050.

Break and sustain above 21050 will take it to 21350—21500 mark in near term.

Fresh selling can be seen on close below 20700 mark.

Trade with levels only.



Jeera (March)


Image result for Jeera

Support seen at 16450 and Resistance is at 16900.

Looks weak on chart and likely to hit 16450. Break and sustain below 16450 will see sharp panic till 16250—16100 and then 15750 mark.

Fresh buying only can be initiated above 16900 on closing basis.

Trade with levels only.



Turmeric (Apr)


Image result for Turmeric


Our sell call from 7600—7250 has proven great .

Now what to expect?

Support is 7250 while Resistance is 7600.

Panic likely to continue. Decisive move below 7250 will see sharp panic till 7180—7120 and then 6980 mark in near term.

Fresh buying only can be seen on close above 7600 on closing basis.

Trade with levels only.



CPO (Feb)


Image result for CPO

Support seen at 554 while Resistance is 563.

Looks weak on chart and likely to hit 554. Break and close below 554 will take it towards 549—544 mark in near term else could touch its resistance of 563 mark

Fresh buying only can be initiated above 563 mark on closing basis.

Trade with levels only













More will update soon !!