Fundamental Aspect
Monsoon Alert: Heavy rains are expected in parts of central India on Saturday and Sunday. Heavy rains are "very likely" over parts of east Madhya Pradesh subdivision and Chhattisgarh during the period. Paddy, soybean and pulses are among the major crops grown in central India during kharif season and rains at this time are expected to aid sowing of these crops. Rain very likely at most places along west coast and over northeaster states and East India.
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.
Turmeric price traded with lower bias yesterday due to fresh selling by the market participants due to supportive rains in turmeric growing areas. Recently good physical demand and diminishing arrivals in June supported bullish move last month. As per 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
Support seen at 3150 and resistance intact 3260.
More and more upside rally will see only close above 3260 mark else it could test it's support level of 3150 again
Fresh selling can be seen below 3150.
Trade with levels only.
Soyaref
Support at 641 and resistance is 649.
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 4711 today.
Now what to expect?
Support is 4700 and resistance is 4920.
Close below 4700 will see further downside panic towards 4620 and then 4550 mark else could touch its resistance level of 4920.
Fresh buying can be initiated above 4920.
Trade with levels only.
RM Seed
We are hold long from 3550 and made a high of 3618 today…
What to expect??
Support seen at 3450 and resistance is at 3650.
Looks positive and every dip towards 3550 will accumulate buying which will take it to 3650 mark.
Fresh selling can be initiated below 3450.
Trade with levels only.
Mentha oil
Support at 880 and resistance is at 902.
Looks positive and close 902 will take it to 918 and 932 mark in near term else could touch its support level of 880.
Fresh selling can be initiated below 880 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!!
