Agri Commodity Update (29th-Dec-2017)
Fundamental Aspect:
Chana future prices showed some selling pressure at higher levels on reports of higher stocks and improved sowing progress have pressurized prices. As per the latest government data, India imported about 4.78 lakh tonnes of chana during Apr-Sep, up by 430% compared the last year imports. As per government sowing data, area under the chana crop across the country was up 13.9% on year at 99.9 lakh ha as on last week. Area under Chana exceeds 90 lakh ha for the second consecutive year. Last year area was close to 99 lakh ha. MP, Maharashtra, Rajasthan and Karnataka exceed normal sowing area this season. The NCDEX have imposed a special margin of 5% on the sell side to support falling prices.
Turmeric future contract settled the day with positive bias due to fresh buying initiated by market participants due to firm physical demand and expectation of improved up-country demand from the new season. The supplies have improved during last one month due to government auctions and lower exports data. The export of turmeric is noted down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017-18 as compared to the last years’ exports. The arrivals have been higher during first 15 days in December this year to 15,021 tonnes compared to 7,877 tonnes last year same month.
Technical Aspect (Jan)
Turmeric (Apr)
Support seen at 7800 and Resistance is 8050.
Looks positive and likely to touch 8050. Break and close above 8050 will take it towards 8160—8280 and then 8400++ mark in near term.
Fresh selling only can be seen only close below 7800 on closing basis.
Trade with levels only.
Jeera
Our buy call from 21300—21770 has proven great.
Now what to expect?
Support seen at 21100 and Resistance is at 21800.
Break and sustain above 21800 will take it towards 22150—22350 and then 22700++ mark.
Fresh selling can be seen on close below 21100 mark.
Trade with levels only.
Castor Seed
Support at 4350 and Resistance at 4450.
Buy and accumulate more on decline. Weekly close above 4450 will take it towards 4520—4570 and then 4650+ mark in near term.
Fresh selling can be initiated below 4350 mark on closing basis.
Trade with levels only.
Guarseed
Support is at 4050 and Resistance is 4180.
Looks positive on chart and likely to touch 4180. Buy and cumulate more on decline. Weekly close above 4180 will take it towards —4250 and then 4320 and then 4400++ mark.
Fresh selling can be seen on close below 4050 on closing basis.
Trade with levels only.
Chana
Support is 3850 and Resistance is 4050.
Trading in a ranges. Either side break or close will set the further trend in it.
Support will remain at 3950 on closing basis.
Trade with levels only
RM Seed
Support seen at 3850 and resistance is at 4050.
Buy and accumulate more on decline till 3850 as it’s likely to touch 4050 mark soon. Break and close above 4050 will take it towards 4150—4230 and then 4300++ mark in near term.
Fresh selling can be initiated below 3850 mark on closing basis.
Trade with levels only.
Soybean
Support seen at 2980 and Resistance is 3150.
Buy and accumulate more on decline till 2980 and likely to hit 3150 soon. Break and close above 3150 will take it towards 3220—3280 and then 3350++ mark in coming days.
Fresh selling can be seen on close below 2980 mark on closing basis.
Trade with levels only.
Soy Refined
Support is 712 and Resistance is 728.
Looks positive on chart and likely to hit 726. Buy and accumulate more on decline. Break and close above 728 will take it towards 733—737 and then 745++ mark in near term.
Support and stop loss will remain at 712 mark.
Trade with levels only.
CPO
Support seen at 552 while Resistance is 565.
Looks positive and likely to touch 565. Buy and accumulate more on decline till 552 which will take it towards 563—565 and then 575++ mark in near term.
Fresh selling can be initiated below 552 mark.
Trade with levels only
More will update soon!!!
