Fundamental Aspect
Jeera futures traded moderately lower on the back of fall in demand at the spot market. Though, some losses were capped on lower arrivals from the producing regions. Reports showed about 6,725 tons of jeera arrived in May (1-20) compared to 26,151 in April (1-20).On the export front, country the exports increase by 29.6% to 1, 08,513 tonnes in first 11 month of MY 2016-17 as per the data release by Dept. of commerce, GOI. The stock levels in the NCDEX warehouse is about 2,092 tonnes, higher by 117% as compared to stocks on 1st May. The stocks were only 964 tonnes in the beginning of the month.
Dhaniya futures traded down for the day. Supplies are likely to improve at major physical market on increase selling pressure from farmers and stockiest at existing levels, which may weigh down the prices in dhaniya. Further, demand from organized retailers ,Inter-state traders and exporters is likely to decline on lower demand from consuming industry as well major importing countries.
Cardamom futures traded marginally lower as investors cut down their bets amid fall in physical demand for cardamom in the domestic spot market. Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions too fuelled the downtrend. Good pre monsoon showers in cardamom growing regions have boosted the expectations of higher crop in the upcoming season. Further, there are expectations of early commencement of harvesting activities and new crop to be in market by mid-June that may weigh down the prices. However, expectations of export demand from Saudi Arabia ahead of Ramzaan may limit the loss for cardamom futures prices.
Mentha Oil futures are expected to trade lower for the day. As per trader source, this year production is expected to rise by 15% which will have a negative impact on the mentha oil price. On the other side, weather condition is also favourable for the coming crop. From supply side, arrivals are increased in the major spot markets of Uttar Pradesh while demand is minimal from local stockists as well as from mentha consuming industries. In recent years the production and consumption of synthetic mentha has increased which is impacting the demand of natural mentha.
Technical Aspect: (June Contract)
Soybean
Support seen at 2790---2760 and resistance at 2870
Looks weak and close below 2790 will take it to 2760 and then to 2720---2660 mark else it could test its resistance level of 2870 again.
Further upside rally will see only weekly close above 2870 mark.
Trade with levels only
Soyref
Support at 635---628 and Resistance 641
Close above 641 will take it to 645---648+++mark else it could test its support level of 635---628 again
Fresh selling can initiate only close below 628 only.
Trade with levels only
Jeera
Support at 17800 and resistance at 18400.
Close below 17800 will see further downside panic till 17350---17050 else it could touch its resistance level of 18400 again.
Trend- Sideways
RM Seed
We are in bearish mode from 3700 and it touched a fresh low of 3624 today.
Support is at 3620 and resistance is 3700
Close below 3620 will take it to 3580---3530 and then 3500 mark else could touch its resistance of 3700 again
Fresh buying can be initiated only above 3700 mark.
Trade in a range with levels only and be cautious at lower levels.
Turmeric
Crucial support at 5550---5430 and resistance is 5720---5900.
Looks weak and any close below 5550 will take it to 5470---5430 mark else could touch its resistance level of 5720.
Fresh buying only can be seen above 5720 mark.
So be careful while trading in Turmeric. Only trade with levels.
Cocudakl (June)
Support seen at 1890 and resistance is at 1965---1990.
Looks weak and close below 1890 will take it to 1845---1820 mark else it may test its resistance of 1965 again.
Fresh buying can be initiated only above 1965.
Trend- Sideways Lower
Mentha oil (May)
Support at 915 and resistance at 968
Looks weak and close below 915 will take to 890---875 mark else it could test its resistance level of 968 again.
Buying only can be seen above 968 mark.
Trade with levels only
CPO (May)
We are bullish from 505 and touched a high of 525.8 yesterday.
Now what to expect???
Support is 510 and resistance is 532.
Close above 526 will see more upside rally till 529---532+++ mark else it could test it's support again.
Revise stop loss below 521 on closing basis
Trade with levels only.
More will update soon!!
