Fundamental Aspect
Soybean futures traded marginally higher for the week due to bargain buying coupled with expectation that the Minimum Support Prices (MSP) for soybean may increase by Rs. 175 per quintal to Rs. 2,950 may added further gain in prices. As per the trader source, arrivals of soybean during last week down by 50% to 21,680 tonnes as compared to 43,859 tonnes in the previous week. Area under the soybean crop across the country for the 2017-18 kharif was at 26,900 ha till last week, up 16.5% on year. Sowing is yet to commence in some key growing states such as Madhya Pradesh, Rajasthan, Andhra Pradesh and Chhattisgarh, as the oilseed is typically sown after the first monsoon showers. As per SOPA, arrivals of soybean in the country rose to 64 lakh tonnes during Oct-May from 46 lt a year ago due to huge production last year.
Turmeric futures are expected to trade in positive note for the day. Expectations of fresh buying from lower levels may support prices to trade higher. Besides the normal monsoon factor, acreage under turmeric is likely to decline this season as prices are currently prevailing very low at spot markets. Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization. However, higher stocks at the production centres due to higher production in current season and higher carryover stocks may limit the gain. As per the trader source, about 6,378 tonnes arrived last week compared to 11,942 tonnes during previous week. On the export front, country exported about 1.11 lakh tonnes in 2016-17 up by 30% compared to last year exports of 85,412 tonnes.
Cardamom futures traded higher as investors build up fresh bets amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions too fuelled the uptrend.
Coriander futures edged higher as participants enlarged their holdings, tracking a firming trend at spot market due to rising domestic as well as export demand. Besides, limited stocks position on fall in supplies from major producing regions also added support to coriander prices’ uptrend. Supply of coriander in the spot market dropped significantly due to slow farmers selling amid lower rates followed by strike in Madhya Pradesh.
Technical Aspect: (July Contract)
Soybean
Support is 2750 and resistance is 2865
Either side decisive break or close will decide the further trend.
Trade with levels only
Soyaref
Soyaref has support at 630 and resistance of 638
Break and close above 638 will take 645---651+++ mark else could touch its support level of 630 again.
Fresh selling can be initiated below 630.
Trade with levels only.
Dhaniya
As we expected Bull Run from 4800 has started now. It made a high of 5035 today.
What to expect???
Support is 4725 and resistance is 5050.
We will maintain our bullish view on decline till for the upside target of 5050.
Successfully close above 5050 will take it to 5185 and then 5470+++mark in days to come.
Fresh selling can be seen only below 4725.
Trade with levels only.
Jeera
Support is 17950 and resistance is at 18600
Close above 18600 will take it to 18950---19300 and then to 19600 mark in days to come else could touch its support level of 17950 again.
Fresh selling can be seen below 17950.
Trade with levels only.
RM Seed
Our buy call from 3550 to 3636 proven great....
Now what to expect???
Hurdle and target intact 3650. Close above 3650 will take to 3690—3735+++ mark in days to come else could touch its support level of 3550.
Fresh selling can be initiated below 3550 mark
Trade with levels only.
Turmeric
Support at 5520 and Resistance at 5750.
Looks positive and close above 5750 will take it to 5850---5920 else could touch its support level of 5520.
Fresh selling can be seen below 5520.
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Cocudakl
Our buy call from 1690 proven great and made a high of 1774 today.
Now what to expect??
Support 1730 and resistance at 1780.
Break and sustain above 1780 will take it to 1820 and then to 1860+++ mark else could touch its support level of 1730.
Fresh selling can be initiated only below 1730.
Trade with levels only.
Mentha oil (June)
Hurdle at 927 and support at 886.
Looks positive and buy on every decline till 905 will be consider as a buying opportunity. Close above 927 will take it to 938--- 952+++ mark else could test its support level of 886.
Fresh selling can be initiated below 886 mark
CPO (June)
Trading in a tight range of 486----500
Either side decisive break or close will decide further
Trade in a range with levels only.
More will update soon!!
