Fundamental Aspect
Jeera futures traded sharply lower from last 4 consecutive day due to profit booking activity occurred from the higher levels. Weak trend in physical market too pressurize prices in futures. Recently, Gujarat Agriculture Department in its 3rd advance estimates for 2016-17 has revised down the production estimates to 2.12 lakh tonnes, which is down 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lakh tonnes. The arrivals have been lower during April compared to March. As per the trader source, about 30,901 tonnes of jeera arrived in April compared to 43,831 in previous month. On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of marketing year 2016/17 as per the data release by Dept. of commerce, GOI.
Turmeric futures traded down on NCDEX as participants reduced their exposure due to easing demand at the domestic spot markets. Moreover, reports of higher stocks availability on increased supplies from the producing regions too fuelled the downtrend. As per the trader source, turmeric arrivals in the country reported lower in April to 92,964 tonnes compared to 1, 35,887 tonnes during March. The lower arrivals are due to poor realization by the farmers. On the export front, country exported about 97,596 tonnes during April-Feb period, which is up by 26.6% compared to last year exports of 77,087 tonnes. Now market are expecting of improved demand in coming weeks as prices are lowering day by day.
Coriander futures framed lower on NCDEX due to subdued domestic as well as export demand in the spot market. Besides, good production expectations from the new season crop in 2016-17, also weighed on coriander futures.
Mentha oil futures traded slightly lower on MCX as investors and speculators trimmed their positions in the agri-commodity amid subdued demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from producing regions, too influenced mentha oil prices.
Sugar Futures traded with a weak tone due to higher availability of sugar in the domestic market as government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders. As per USDA, India’s sugar production in marketing year (MY) 2017/18 (Oct-Sept) is expected to increase by 18% to 25.8 mt. Uttar Pradesh will be the largest producer of sugar in India, followed by Maharashtra. As per trade sources, Maharashtra's sugarcane acreage in 2017-18 (Jul-Jun) is likely to rise 29% on year to 900,000 ha.
Technical Aspect
Soybean
Support at 2830 and resistance at 2900
Looks weak and its likely to touch its support level of 2830.
Break and sustain below 2830 will take it to 2800—2760 and then to 2700 mark else it could touch its resistance level of 2900 again.
Fresh buying can be initiated above 2900 mark.
Soyref
Support at 613 and Resistance 620
Weekly close above 620 will take to 628---635+++ mark in days to come else could touch its support level of 613 again
Fresh selling can initiate only below 613 mark
Trade with levels only
Dhaniya
We still maintained our selling view below 6900….for 5300.
Support at 5600 and Resistance is 6000
Break and close below 5600 will see further downside move till 5300
Dear cat bounce may happen... But trend looks extreme weak on charts
Trade in a range with levels only
Jeera
Look at Jeera... unable to breach it's resistance and crashed vertically.
Support at 17600 and resistance at 18500.
Weekly close below 17600 will see a sharp downside panic till 17150---16800 else it could touch its resistance level of 18500 again
Be cautious at upper levels.
Trend- Sideways Lower
RM Seed
We recommended selling in Rmseed below 3700. Just made a low of 3652.
Now what to expect???
Support at 3650 and resistance is 3745
Momentum looks weak and if prices gives daily close below 3650 will see a sharp downside towards 3605---3560 else could touch its resistance level of 3745 again
Fresh buying can initiate only close above 3745 mark
Trade in a range with levels only
TMC
Panic continues... we are holding sell call from 6050 mark .
Now what to expect???
Crucial support is 5300 and resistance is 5600
Weekly close below 5300 will take to 5140---4960 mark else could touch its resistance level of 5600 again.
Fresh buying only can be seen above 5600
So be careful while trading in Turmeric. Anything seems adverse will update.
Cocudakl
Support seen at 1890 while resistance can be defined as 1940
Weekly close above 1940 will take to 1980 and then to 2040 mark in days to come else it may test its support level of 1890 again
Fresh selling can be seen only below 1890 mark
Trend- Sideways Higher
Mentha oil
Support at 900 and resistance at 935
Weekly close below 900 will see further weakness till 888---875 mark else could test its resistance level of 935 again.
Trade with levels only
CPO
Support at 485 and Resistance at 498---505.
Looks positive and could test its resistance level of 498---505. More and more power will see only close above 505 mark else it could test its support level of 485 again.
Fresh selling can initiate only close below 485 mark.
Trade with levels only
Trend – Sideways Higher
More will update soon!!
