Fundamental Aspect
Jeera traded slightly positive from last couple of days due to fresh buying after seeing good delivery allocations for the September contract. Traders are expecting good physical demand anticipating a diminishing stocks in the physical as well as exchange warehouses. Jeera exports have been lower than anticipated during the first quarter of new financial year 2017/18. The arrivals have been lower during the first 15 days of September at 3,625 tonnes compared to 3,923 tonnes in August for same period. India's jeera exports in Jun surged 29.6% on year to 13,503 tn. However, as per the latest government data, Jeera exports during first quarter in FY 2017-18 (Apr-Jun) is marked at 41,707 tonnes, which was down 10.8% compared to last year exports volume for the same period.
Soybean Oct futures traded marginally higher last week on bargain buying by the market participants as new season soybean has started to arrive in the physical market. As per the latest report, soybean arrivals during the first 15 days is pegged at 1.58 lakh tonnes compared to 1.24 lakh tonnes in August same period. As per the latest agro ministry data, India's soybean acreage was at 10.6 million ha as on last week, down 7.8% from a year ago. The fall in overall acreage has been led by a decline in area under the crop in Madhya Pradesh the largest producer because of poor rains in the state so far this monsoon season.
Sugar prices looking positive on anticipation of good festival demand and reports that country may see tight supplies despite a 20% rise in output expected in 2017-18 (Oct-Sep), as ending stocks are seen tumbling to multi-year lows. Moreover, imposing stock limits on sugar mills government is likely to allow import of 300,000 tn of raw sugar at 25-30% import duty.
Technical Aspect (Oct)
Jeera
Support at 19450 and Resistance at 19900.
Break and sustain above 19900 will take it to 20300—20550 and then 20800++ mark else could touch its support level of 19450.
Fresh selling can be initiated below 19450.
Trade safely with levels only.
Castor Seed
Support at 4640 and Resistance at 4750.
Looks positiove. Break and close above 4750 will take it to 4810—4850 and 4900++ mark else could touch its support level of 4640.
Fresh selling can be initiated below 4640 mark.
Trade with levels only.
Guar seed (Oct)
Support is at 3630 and Resistance is 3800.
Break and sustain above 3800 will take it to 3860-3900 and then 3950++ mark in near term else it could touch its support level of 3630.
Fresh selling can be seen below 3630.
Trade with levels only.
Guar gum (Oct)
Support is 7800 and Resistance is at 8050.
Break and sustain above 8050 will take it to 8120—8200 and the 8350 ++mark in near term else it could touch its support level of 7800.
Fresh selling can be seen below 7800 only.
Trade with levels only.
Chana
Support seen at 5950 and Resistance is at 6100-6150
If prices unable to breach its key support of 5950 then we can see good upside in it till 6150. Break and close above 6150 will take it to 6220-6300 and then 6450++ mark else it could touch its support level of 5950.
Fresh selling can be seen below 5950.
Trade with levels only.
RM Seed
Support seen at 3750 and resistance is at 3850.
Looks positive and likely to touch 3850 .Break and sustain above 3850 will take it to 3910---3950 and then 4000++ mark in days to come else could touch its support level of 3750.
Fresh selling can be initiated below 3750.
Trade with levels only.
Soybean
Support seen at 3050 and Resistance is 3155.
Looks positive on chart and likely to touch 3155 .Break and sustain above 3155 will take it to 3190---3240 and then 3400++ mark in near term else could touch its support level of 3050.
Fresh selling can be initiated below 3050 only.
Trade with levels only.
Mentha oil
Support is 1155 and Resistance is 1190.
Weekly close above 1190 will take it to 1218---1230 and then 1252++ mark in near term else could touch its support level of 1155.
Fresh selling can be initiated below 1155 mark on closing basis.
Trade with levels only.
CPO
Support at 540 and Resistance at 552
Above 552 rally likely to continue till 550—565+++ mark else it could test its support again.
Overall trend looks positive but trade with levels only.
More will update soon!!
