Fundamental Aspect
Monsoon Alert (IMD): Heavy rains are likely over several parts of east India until Saturday. Heavy-to-very heavy rainfall is "very likely" in Andaman and Nicobar Islands, and in the Sub-Himalayan West Bengal and Sikkim subdivision until Thursday, while heavy showers are likely in the regions during Fri-Sat. The weather body said heavy rains are also expected in Odisha and Gangetic West Bengal on Friday and in Jharkhand today. The major crop grown in east India is rice and monsoon rains are likely to benefit the ongoing paddy sowing in these regions.
Soybean futures traded with higher note on expectation of good physical buying due to rally in edible oils. Moreover, lower pace in physical arrivals and lower sowing data compared to last year also support prices. As per the trader source, arrivals of soybean during last week were down 37% to 39,588 tonnes as compared to 62,976 tonnes in the previous week. Area under soybean crop across the country for the 2017-18 kharif was 15.58 lakh hectares till last week, down about 19% on year. Last year, the acreage was 18.92 lakh hectares.
NCDEX July Turmeric closes higher yesterday mainly on short covering as Open Interest were down by about 560 tonnes. Recently good physical demand and diminishing arrivals in June supported bullish move last month. As per the trader source, about 27,448 tonnes arrived in June compared to 73,436 tonnes during last month. In Telangana, turmeric acreage as on 03-Jul-17, down 22% to 14,000 hectares as compared to last year acreage of 18,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per 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.
Guar complex traded with lower bias as developing favourable weather condition for further advancement of monsoon across India may weigh down on prices. Sowing is likely to commence in Haryana and will start in Rajasthan in starting weeks of next month. Market is running with adequate availability of guar stocks whereas higher planting prospects for upcoming season could keep prices under pressure. Moreover, prices may track cues from weakness in crude oil prices which may affect the overseas demand of guar gum adversely. India exported about 54392 MT of guar gum during month of April, 2017 higher by 134% of last year export of 23158 Mt for corresponding time.
Technical Aspect: (July Contract)
Guarseed
Our sell call of Guar seed from 3340 to 3230 proven great…made a low of 3197 today.
What to expect???
Now support seen at 3170 and resistance is at 3350.
Looks weak and close below 3170 will take it to 3120 and 3050 and 2970 mark else could touch its resistance level of 3350.
Fresh buying can be seen above 3350.
Trade with levels only.
Soyaref
Support at 637 and resistance is 648.
Trading in range either side breakout with volumes will decide further
Trade with levels only.
Dhaniya
Our sell call of Dhaniya from 5150 to 4800 proven great and made a low of 4790 today.
Now what to expect?
Support is 4750 and resistance is 4920.
Looks weak and daily close below 4750 will take it to 4620 and then 4550 mark else could touch its resistance level of 4920.
Fresh buying can be initiated above 4920.
Jeera
Support is 18700 and resistance is at 19050.
Trading in range either side breakout with volumes will decide further
Trade with levels only.
RM Seed
Support seen at 3450 and resistance is at 3650.
Looks positive and every dip towards 3550 will accumulate fresh buying which will take it to 3650 mark.
Fresh selling can be initiated below 3450.
Cocudakl
Support 1660 and resistance at 1750.
Looks weak and every rise close to 1750 will be a selling opportunity in it. Close below 1660 will see more downside panic in it.
Fresh buying can be initiated only above 1750
Mentha oil
Support at 880 and resistance is at 902.
Looks weak and close below 880 will take it to 868 and 850 mark in near term else could touch its resistance level of 902.
Fresh buying can be initiated above 902 mark.
Trade with levels only.
CPO (June)
Below 486... Panic remain continue till 478---475 and then to 470 mark
Hurdle at 490.50
Trade with levels only.
More will update soon!!
