Fundamental Aspect
Spices Board India: Review of Export performance of Spices during 2016-17:
Indian spices exports have been able to record strident gains in volume and value. Spices exports have registered substantial growth during the last five years, registering a compound annual average growth rate of 10% in rupee terms and 5% dollar terms of value and India commands a formidable position in the World Spice Trade. During 2016-17, a total of 9, 47,790 tons of spices and spice products valued Rs.17664.61 crore (US$2633.30 Million) has been exported from the country as against 8, 43,255 tons valued Rs.16238.23 crore (US$ 2482.83 Million) in 2015-16 registering an increase of 12% in volume, 9% in rupee terms and 6% in dollar terms of value. As compared to the total export target of spices fixed for the period 2016-17, the total export of Spices has exceeded the target in terms of both volume and value. Compared to the target of 8,70,000 tons valued Rs.15725.12 crore (US$2419.25million) for the financial year 2016-17 the achievement is 109% in terms of volume and 112% in rupee and 109% dollar terms of value.
Soybean futures traded higher as speculators enlarged their positions on expectation that the Minimum Support Prices (MSP) for soybean which has been reported up by 275 to 3050 per quintal supported the sentiment of its uptrend. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 45,000 ha till last week, down 55.4% on year. The prices were under pressure all season on higher arrivals and bumper crop with the farmers. As per 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.
Turmeric futures traded higher on increasing demand at the spot market. Further, reports of good rains in turmeric growing areas too fuelled the uptrend. This is second successive weekly gain due to rising physical demand coupled with diminishing supplies. However, the trend seems to be little sideways on reports of good rains in turmeric growing areas. There was lower demand all season from upcountry and industrial buyers. Turmeric arrivals in the country are higher in the month of May. As per the trader source, about 6,378 tonnes arrived last week compared to 11,942 tonnes during previous week. As per the spice board, increased global demand for turmeric, especially in the pharmaceutical sector, drove its exports to attain figures of 1, 16,500 tonnes in volume and crossed Rs 1,241 crore in value terms in 2016-17.
Cardamom futures traded up as investors extended their bets amid surge 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.
Technical Aspect: (July Contract)
Soybean
Support is 2760 and resistance is 2880.
Either side decisive break or close will decide further.
Trade with levels only
Soyaref
Soyaref has support at 635 and resistance of 645
Looks sideways and either side close will decide further trend in the price.
Trade with levels only.
Dhaniya
As we expected Bull Run from 4800 has started now. It made a high of 5199 today.
What to expect???
Support is 4900 and resistance is 5250---5400
We will maintain our bullish view and every decline will be buying opportunity for the upside target of 5250 and then 5400++ mark.
Fresh selling can be seen only below 4900.
Trade with levels only.
Jeera
Our buy call from 18600 to 19000 proven great and made a high of 19080 on Friday.
Now what to expect???
Support seen at 18450 and resistance is 19000.
Close above 19000 will take it to 19450 and then 19600+++mark else could test its support level of 18450 again
Fresh selling only can be seen below 18450
Trade with levels only
RM Seed
Support seen at 3550 and resistance is at 3620
Looks weak and close below 3550 will take it to 3510 and then 3470 mark else could touch its resistance level of 3620.
Fresh buying can be initiated above 3620.
Trade with levels only.
Cocudakl
Support 1720 and resistance at 1780
Either side decisive break or close will decide further.
Trade with levels only.
Mentha oil (June)
Hurdle at 935 and support at 910---886.
Looks positive and buy on every decline till 910 will be consider as a buying opportunity. Close above 935 will take it to 951--- 958+++ mark
Fresh selling can be initiated below 886 mark
CPO (June)
Trading in a tight range of 486---496
Either side decisive break or close will decide further
Trade in a range with levels only.
More will update soon!!
