Agri Commodity Update (11th-Jan-2018)
Fundamental Aspect:
Jeera prices traded marginally lower due to profit booking on reports of higher acreage of cumin in the current season. In Gujarat, Jeera acreage is up by 38% to 3.8 lakh hectares as on 1-Jan-18. Last year, it was 2.8 lakh ha noted. Jeera arrivals for the oil season crop in Dec were down by 55.6% to 3,304 tonnes on year due to tight supplies and lower stocks with the stockists. Moreover, good progress of jeera sowing in Gujarat pressurizes prices. As per government latest data, Jeera exports during first seven month of FY 2017-18 (Apr-Sep) is marked at 88,229 tonnes, up 11% as compared with the last year exports volume for the same period. India's jeera exports in October increase by 37% on year to 10,402 tn.
Chana futures prices still hovering in negative territory on profit booking by the market participants on reports on higher stocks and good sowing progress. As per the latest government sowing data, area under the chana crop across the country noted up 12.7% on year at 103.8 lakh ha as on last week. Market participants will shift to Mar delivery contract as margins have been levied on the near month contracts. Earlier, NCDEX have imposed a special margin of 5% on the sell side to support falling prices.
Technical Aspect
Turmeric (Apr)
Support is 7350 while Resistance is 7550.
If prices unable to break its support of 7350 then we can expect “U” Turn in it till 7550. Close above 7550 will take it towards 7680---7750 and then 7900++ mark.
Fresh selling only can be seen on close below 7350 on closing basis.
Trade with levels only.
Jeera
Support seen at 20800 and Resistance is at 21300.
Looks negative on chart. Break and sustain below 20800 will take it towards 20550—20300 levels in near term else could touch its resistance level of 21300.
Fresh buying only can be initiated above 21300.
Trade with levels only.
Castor Seed (Feb)
Our sell call from 4305—4045 has proven great.
Now what to expect?
Support at 4030 and Resistance at 4150.
Panic likely to continue till 4030. Break and close below 4030 will take it towards 3970—3910 and then 3850 mark in near term.
Fresh buying can be initiated above 4150 mark on closing basis.
Trade with levels only.
Guarseed (Feb)
Support is at 4350 and Resistance is 4480.
Rally likely to continue till 4480. Break and close above 4480 will take it towards 4540 --4600 and then 4660++ mark.
Fresh selling only can be seen on close below 4350.
Trade with levels only.
Chana (March)
Support is 3750 and Resistance is 3850.
Looks positive on Chart. Buy and accumulate more on decline and its likely to hit 3850. Break and sustain above 3850 will take it towards 3920—3970 and then 4050++ mark.
Fresh selling only can be seen below 3750.
Trade with levels only
RM Seed (April)
Support seen at 4020 and resistance is at 4150.
Looks weak on chart and any sharp rise will be a selling opportunity in it.Break and sustain below 4020 will take it towards 3960—3920 and then 3850 mark in near term.
Fresh buying only can be initiated above 4150 mark on closing basis.
Trade with levels only.
Soybean
Support seen at 3220 and Resistance is 3350.
Buy and accumulate more on decline and likely to hit 3350. Break and sustain above 3350 will take it towards 3390—3430 and then 3500++ mark in coming days.
Fresh selling can be seen on close below 3220 mark on closing basis.
Trade with levels only.
Soy Refined (Feb)
Support is 738 and Resistance is 748.
Rally likely to continue till 748. Break and sustain above 748 will take it towards 753—757 and then 764++ mark in near term.
Support and stop loss will remain at 738 mark.
Trade with levels only.
CPO (Feb)
Support seen at 558 while Resistance is 572.
Buy and accumulate more on decline till 558 as we expect near term positive sentiment in it. It’s likely to hit 572 mark soon. Close above 572 will see a new bull run in it.
Fresh selling only can be initiated below 558 mark on closing basis.
Trade with levels only
More will update soon!!!
