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Monday, January 15, 2018

Update on Agro Commodity Update (15th-Jan-2018)




Agro Commodity Update (15th-Jan-2018) 

 


Fundamental Aspect:


Cotton future prices settled the week on higher note tracking firm trend in International cotton and kapas prices in the domestic market. Good physical demand and rising exports are keeping the prices higher. Market arrivals of cotton in the first three months of the 2017-18 MY starting October are higher by around 43% over corresponding last year.
The Cotton Association of India (CAI) has maintained the crop size for the 2017-18 season at 375 lakh bales (of 170 kg each) in its latest estimates. Cotton Corporation of India (CCI) has procured around 5 lakh bales this season of which 4 lakh bales have been procured at MSP and the remaining 1 lakh bales as part of its commercial operations.  


Jeera recover sharply and settled the week with higher note due to fresh buying initiated by the market participants as market participants taking advantage of bargain buying at lower levels. There is an expectation that jeera production may be higher in coming season on reports of higher acreage of cumin in the current season. In Gujarat, Jeera acreage is noted up by 38% to 3.83 lakh hectares as on 9-Jan-18. Last year, it was 2.88 lakh ha at that same time. Jeera arrivals during first 10 days of Jan 18 Dec were down to 879.5 tonnes on year compared to 3,944 tonnes due to tight supplies and lower stocks with the stockists. Moreover, good progress of jeera sowing in Gujarat pressurizes prices. As per government data, Jeera exports during first seven month of FY 2017-18 (Apr-Sep) is noted at 88,229 tonnes, up 11% compared to last year exports volume for the same period.




Technical Aspect  



Guar seed (Feb)






Support is at 4300 and Resistance is 4480.


We expect ongoing rally likely to continue till 4480. Break and close above 4480 will see sharp upside rally till 4550—4630++ mark in near term.

Fresh selling can be seen on close below 4300 mark.


Trade with levels only.



Chana (March)




Support is 3750 and Resistance is 3900


Traders can buy and accumulate more here. Looks positive on chart and likely to hit 3900. Break and close above 3900 will take it towards 3960—4030 and then 4150++ mark in near term.


Fresh selling only can be seen on close below 3750 mark.


Trade with levels only.



RM Seed (April)



Image result for rmseed



Support seen at 4025 and resistance is at 4150.

Looks positive on chart. Buy and accumulate more on decline till 4025 and its likely to hit 4150 mark. Break and close above 4150 will take it to 4230—4350++ mark in near term. 


Fresh selling can be initiated on close below 4025.



Trade with levels only.


Soybean  





Support seen at 3200 and Resistance is 3350.


We expect positive move likely to continue in near term. Buy and accumulate more on decline and its likely to hit 3350 in near term. Break and close above 3350 will see sharp upside rally till 3430—3550++ mark in coming days.


Fresh selling can be seen on close below 3200 mark on closing basis.


Trade with levels only.


Castor Seed (Feb)



Image result for Castor Seed


Support at 4050 and Resistance at 4220.


Panic likely to continue till 4050. Break and close below 4050 will take it towards 3980—3930 and then 3850 mark in near term. 

Fresh buying can be initiated above 4220 mark on closing basis.


Trade with levels only.



Cotton 


Image result for cotton



Support is 20500 and Resistance is 21200.


Looks positive on chart. Break and close above 21200 will take it to 21450—21700++ mark in near term.


Fresh selling can be seen on close below 20500 mark..


Trade with levels only.




Jeera (March)




Support seen at 16700 and Resistance is at 17100.


If prices unable to break and close below 16700 then we can expect good upside in it till 17100. Break and sustain above 17100 will see sharp upside rally till 17350—17500 and then 17950++ mark.


Fresh selling only can be initiated below 16700 on closing basis.



Trade with levels only.



Turmeric (Apr)


Image result for turmeric


Support is 7550 while Resistance is 7850.


Looks positive on chart and likely to hit 7850. Decisive move above 7850 will see sharp upside rally till 7980—8050 and then 8200++ mark in near term.


Fresh selling only can be seen on close below 7550 on closing basis.



Trade with levels only.



Soy Refined (Feb)





Support is 738 and Resistance is 748.


Looks positive on chart. Buy and accumulate more on decline till 738. It is likely to touch 748 in near term. Break and close above 748 will see sharp upside rally in coming days.

Fresh selling can be seen on close below 738 mark.



Trade with levels only.




CPO (Feb)





Support seen at 555 while Resistance is 570.



Buy and accumulate more on decline till 555 as we expect near term positive sentiment in it. It’s likely to hit 570 mark soon. Decisive close above 570 will see a new bull run in it.



Fresh selling only can be initiated below 555 mark on closing basis.



Trade with levels only















More will Update soon !!