Agri Commodity Update (01st-Jan-2018)
Wish you a very happy new year 2018
Fundamental Aspect:
Chana Jan futures settled the week higher due to short covering on expectation of good physical demand. However, 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 reported up 13.9% on year at 99.9 lakh ha as on last week. Moreover, 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.
Jeera recovered sharply higher due to short covering activity noticed by the market participants tracking improved physical demand coupled with lower arrivals in physical market. Jeera arrivals during first 25 days of Dec down by 48% to 2,945 tonnes on year due to tight supplies and lower stocks with the stockists. Moreover, good progress of jeera sowing in Gujarat pressurizes prices earlier in the week. In Gujarat, Jeera acreage is up by 35% to 3.5 lakh hectares as on 18th Dec 2017. Last year, it was 2.6 lakh ha at that same time while the normal acreage is 2.8 lakh ha.As per the latest government data, Jeera exports during first six month of FY 2017-18 (Apr-Sep) is 77,827 tonnes, up 8.4% compared to last year exports volume for the same period. India's jeera exports in Sep increase 110% on year to 14,742 tn.
Technical Aspect (Jan)
Turmeric (Apr)
Support seen at 7750 and Resistance is 8050.
Buy and accumulate in panic as it looks positive on chart. Break and sustain above 8050 will take it towards 8180—8250 and then 8400++ mark in near term.
Fresh selling only can be seen only close below 7750 on closing basis.
Trade with levels only.
Jeera
Support seen at 21500 and Resistance is at 21900.
Looks positive and likely to touch 21900 mark. Break and sustain above 21900 will take it towards 22250--22450 and then 22700++ mark.
Fresh selling can be seen on close below 21500 mark.
Trade with levels only.
Castor Seed
Support at 4320 and Resistance at 4400.
Seems bottom out here. Buy and accumulate more on decline and likely to touch 4400. Break and close above 4450 will take it towards 4520—4570 and then 4650+ mark in near term.
Fresh selling can be initiated below 4320 mark on closing basis.
Trade with levels only.
Guarseed
Support is at 4050 and Resistance is 4200.
Looks weak on chart and likely to touch 4050 mark. Break and sustain below 4050 will take it towards 3980 --3920 and then 3850 mark.
Fresh buying can be seen on close above 4200 on closing basis.
Trade with levels only.
Chana
Support is 3900 and Resistance is 4100.
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 4000.
Buy and accumulate more on decline till 3850 as it’s likely to touch 4000 mark. Break and close above 4000 will take it towards 4070—4130 and then 4200++ 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 3120.
Buy and accumulate more on decline till 2980 and likely to hit 3120. Break and sustain above 3120 will take it towards 3180—3250 and then 3330++ 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 546 while Resistance is 560.
Buy and accumulate more on decline till 546 as we expect near term positive sentiment in it. Likely to hit 560 mark. Close above 560 will see a new bull run in it.
Fresh selling can be initiated below 546 mark.
Trade with levels only
More will update soon!!!
