Fundamental Aspect
Soybean May futures continued in its recovery mode from last couple of days due to lower level buying tracking firm trend in US soybean. Last week, the prices were down on ample available stocks in the country. As per the trader source, the arrivals of soybean during first week of May, lower by 33% compared to first week arrivals in April. Moreover, the stocks of soybean in NCDEX warehouse as on 1st May 2017 is about 1.21 lakh tonnes against the 55, 133 tonnes last year. This indicates that there are ample supplies available in the physical market may put further pressure on prices.
NCDEX Turmeric prices plunged almost 12% last week tracking weak cues from physical market prices amid lower demand from industrial buyers and reports of higher stocks available in the country. Turmeric arrivals in the country are lower in first week of May at 11,528 tonnes compared to 20,703 tonnes during April (1-7).On the export front, country exported about 97,596 tonnes during April-Feb period, up by 26.6% compared to last year exports of 77,087 tonnes, as per the government data. There are expectations of improved demand in coming weeks as prices are lower.
Jeera futures traded moderately higher due to rising exports demand at the spot market. On the export front, the country’s exports rises by 29.6% to 1,08,513 tons in first 11 month of marketing year 2016-17. Moreover, the arrivals have been lower during the first week of May as compared to the April reading, too fuelled the positive sentiment in the prices ahead. The reports of Gujarat Agriculture Department showed that in its 3rd advance estimates for 2016-17 has revised down the production estimates to 2.12 lakh tonnes, down by 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lakh tonnes.
Mentha oil futures traded marginally lower as investors and speculators trimmed their positions in the agro-commodity amid subdued demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from producing regions, too inclined mentha oil prices.
Technical Aspect
Soybean
Support at 2830 and resistance at 2940
Looks positive and its likely to touch its resistance level of 2940.
Break and sustain above 2940 will take it to 2990—3035 and then to 3070 mark else it could touch its support level of 2830 again.
Fresh selling can be initiated below 2830 mark.
Soyref
Support at 615 and Resistance 628.
We told to buy at 618 and exactly tested a high of 627.90 today near our target.
Now daily close above 628 will take to 634---639 and then to 647+++ mark in days to come else could touch its support level of 615 again
Fresh selling can initiate only below 615 only.
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
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
Support at 3650 and resistance is 3745---3775
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---3775 again
Fresh buying can initiate only close above 3745 mark
Trade in a range with levels only
TMC
Crucial support is 5300 and resistance is 5600
We expect rebound in prices and if prices close above 5465 will take to 5600 mark else could touch its support level of 5300 again.
Fresh selling only can be seen below 5300
So be careful while trading in Turmeric. Anything seems adverse will update.
Cocudakl (June)
Our buy call proven great and made a high of 2030.
Close above 2030 will take to 2055---2070 mark. More and more power will see only close above 2070 else it may test its support level of 1990---1950 again
Fresh selling can be seen only below 1950 mark
Trend- Sideways Higher
Mentha oil
Support at 900 and resistance at 935
Two consecutive close below 900 will see further weakness till 870---855 mark else could test it resistance level of 935 again.
Trade with levels only
CPO
Our target was 498---505. Just made a high of 501.30.
Looks positive and could test its resistance level of 505. More and more power will see only close above 505 else it could test its support level of 492----487 again.
Fresh selling can initiate only close below 487 mark.
Trade with levels only
Trend – Sideways Higher
More will update soon!!
