Fundamental Aspect
Soybean prices are trending down from last couple of week due to higher supplies and lower demand noticed in the market. However, the arrivals are lower as farmers hesitant to sell at "lower prices" so far this season. As per the trader source, arrivals of soybean during the first 25 days of May marked lower as compared with the last month same period. During the month, the arrivals have been noted at 1.64 lt as compared with the 1.88 lt recorded in the preceding month. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive. India may export 1.5 MT of soymeal during the MY 2016-17 (Oct-Sep) lower from 2 MT expected in the beginning of the season.
CPO future traded moderately lower tracking weak cues in the international market. The government increases the base import prices of Crude palm oil by $9/tonne and RBD by $6/tonne for 2nd half of May. As per SEA, During Nov ‘16 – Apr’17 import of palm oil decreased to 43 lt from 43.4 lt during the same period of last year. The overall stock of edible oil as on 1st May, 2017 has increased by 207,000 tonnes to 212 lakh tonnes as compared to stocks on 1st Apr., 2017.
Jeera futures traded down on easing demand from retailers and stockists at the spot market. Further, sufficient stocks position following increased arrivals from producing regions too fuelled the downtrend. As per the Exchange circular, there will be an additional margin of 5% on both sides from Monday, 29, May 2017, in additional to existing additional margin. As per the trader source, about 8661 tonnes of jeera arrived in May (1-25) compared to 29,322 in April (1-25). On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of MY 2016-17 .The stock levels in the NCDEX warehouse is reducing to 1,395 tonnes on May 24, fall from 2,092 tonnes a week ago. However, on 1st May the stock was close to 964 tonnes. Last year, stocks were higher at 4,101 tonnes.
Mentha oil futures edged up as investors extended their positions amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market. Moreover, insufficient stocks position on restricted supplies from producing regions also added support to mentha oil prices’ uptrend.
Technical Aspect: (June Contract)
Soyabean
Support is 2700 and resistance is at 2760
Below 2700… Panic remain continue till 2660---2620 and then to 2550 mark.
Hurdle and stop loss above 2760
Trade with levels only.
Soyaref
Our sell call from 635 to 622 proven great and it made a low of 624 today
What to expect???
Support at 622 and Resistance 635
Break and close below 622 will take it to 618—614 and then to 610 mark in days to come else could touch its resistance level of 635 again.
Fresh buying can be initiated above 635
Guarseed
Support at 3450 and Resistance at 3600
Trend looks weak and could touch its support level of 3450. Weekly close below 3450 will take it to 3380---3350 and then to 3280 mark in days to come else could touch its resistance level of 3600 mark.
Further upside rally will see above 3600 mark.
Dhaniya
Panic continues... Now what to expect??
Support at 4800 and Resistance is 5400
Weekly close below 4800 will take it to 4350—3980 in days to come else could touch its resistance level of 5400 again.
Dead cat bounce will see only close above 5400 mark
Jeera
Support is 17450 and resistance is at 17850---18050.
Daily close below 17450 will take it to 17050---16800 and then to 16300 mark in days to come else could touch its resistance level of 17850---18050 again.
Overall trend looks weak... So any sharp rise will be selling opportunity in it.
RM Seed
Support at 3500 and Resistance 3600---3650
Weekly close below 3500 will take it to 3420---3350 mark else could touch its resistance level of 3600---3650 again.
Trade with levels only.
TMC
Support is 5300 and resistance is at 5700.
Trend looks weak and weekly close below 5300 will take it to 5050---4900 mark in days to come else could test its resistance level of 5700 again.
Further upside rally will see on close above 5700 mark.
Cocudakl
We have seen mind blowing panic in Cocudakl.
Now what to expect???
Support 1830 and resistance at 1870
Daily close below 1830 will take it to 1780—1740 and then to 1630 mark else could touch its resistance level of 1870 again.
Fresh buying can initiated above 1870 mark
Mentha oil (June)
Support at 897 and resistance at 916---937---960
Looks positive and daily close above 916 will take it to 937---960 and then to 996 mark else could test its support level of 897---880 again.
Fresh selling can be initiated below 897 mark.
CPO
Our sell call from 522 to 516 proven great and made a low of 516.2 today.
What to expect???
Support at 516 and Resistance at 522
Looks weak and close below 516 will take it to 509---505 mark in days to come else could touch its resistance level of 522 again.
Fresh buying can be initiated above 522
Castor Seed
Support at 4400 and Resistance at 4580---4650
Looks positive and close above 4580 will take it to 4650---4800 and then will expect further bull track in it else could touch its support again
Trade with levels only
More will update soon!!
