DAILY AGRI REPORT

11-Jul-2014

NCDEX DAILY Newsletter 4)

AGRI COMMODITY DAILY WRAP UP…..!!!!

JEERA FUTURE

Jeera prices traded with a negative bias due to selling pressure as higher supplies are seen entering the spot markets. As per market source, farmers are offloading ample stocks on expectation of higher returns for their produce, as prices rose sharply in recent sessions. Conversely, prospects of rise in export demand amid drop in this year's jeera production in Syria and Turkey may boost India's exports..

TURMERIC FUTURE

Improved Monsoon prospects over the growing states of AP and TN along with profit booking at the higher levels brought some corrections to the rising rates for Turmeric. Adverse Monsoon had been affecting the sowing of the crop in AP and Tamil Nadu for last few days. An expected revival of Monsoon in the coming week could be beneficial for the sowing of the crop and could put a cap on the rising rates.

CARDAMOM FUTURE

Cardamom futures are expected to trade higher due to concerns over fall in production in major cardamom producing areas in India. As per market source, the cardamom auction is suspended for week from Tuesday. According to the updates from the Spices Board of India, arrivals in the auction till the last day of June 2014, were estimated at 21190 tonnes, up almost by 48 percent over last year and average rate lower by 11.50 percent to Rs 641 a kg.

CORIANDER FUTURE

Coriander futures are expected to trade higher on concerns over crop output in major producers Bulgaria and Romania due to unfavorable weather. Projected decline in coriander production in India compared to last year too pushed up coriander prices. The Forward Markets Commission has approved modification of basis quote to exclude sales tax and value-added tax (VAT) from coriander futures on the National Commodity and Derivatives Exchange.

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NCDEX DAILY TECHNICAL LEVELS

DHANIYA HOURLY CANDLESTICK CHART

Dhaniya Aug daily chart trend is bullish, Momentum Indicator RSI is in overbought zone, expecting price may go up Immediate support @ 10575 & Immediate resistance @ 11680.

R1-9629 R2-11800 PP-11599 S1-11519 S2-11398

TRADING STRATEGY: BUY DHANIYA AUG ABOVE 11680 TGTS 11710,11760 SL 11630 SELL DHANIYA AUG BELOW 11575 TGTS 11545,11495 SL 11625

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NCDEX DAILY TECHNICAL LEVELS

GUARSEED HOURLY CANDLESTICK CHART

Guarseed daily chart, Price bounce from support level, expecting from here onwards guarseed price may go UPMomentum indicators RSI is above mid range. In intraday basis immediate support @ 5600 & immediate resistance @ 5655.

R1-5375 R2-5788 PP-5633 S1-5557 S2-5478 TRADING STRATEGY: BUY GUARSEED AUG ABOVE 5655 TGTS 5685,5735 SL 5605 SELL GUARSEED AUG BELOW 5600 TGTS 5570,5520 SL 5650

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