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09/3/2018

Agro Commodity Update 9th March-2018

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Fundamental Aspect:


Chana future prices traded a bit positive from last couple of days as centre has decided to initiate the procurement of 3 lakh tonnes of chana under the Price Stabilization Scheme in Maharashtra to control the freefall in chana prices in wholesale markets,. As per the report, last year 93.8 lakh tonnes of chana was produced across the country, while the number has reached 111 lakh tonnes this year. As per the state government’s estimate 18.80 lt of chana has been produced in the current rabi season. We expect chana prices likely to maintain its northward direction in coming days if the current fundamentals will remain strict in near term.


Mentha Oil futures prices likely to extend its weakening path ahead due to increase arrival noticed in the major spot markets of Uttar Pradesh. As per the trader source, there is currently not much demand for menthe oil from the domestic consuming industries as well as stockists. From export front, there is no expectation of any positive development in the recent times. Due to the increased production and usage of synthetic mentha in the recent years, demand for natural mentha has decreased. Sell on rise strategy should remain in favour for the day ahead. 




Technical Aspect (Apr)



Guar seed


Image result for guar seed images

Support is at 4200 and Resistance is 4350.


Below 4200 we can expect more panic towards 4050---3940 mark in near term else could touch its resistance level of 4350 again.


Fresh buying only can be seen on weekly above 4350 marks.


Trade with levels only.



Chana 

Image result for chana image

Support is 3650 and Resistance is 3800.



Above 3850 we can expect prices to touch 3880—3950 and then 4030++ mark else could touch its support level of 3650.


Fresh selling only can be seen on close below 3650 for the medium term.


Trade with levels only.




RM Seed (April)


Image result for rm seed  image

Support seen at 4100 and resistance is at 4250.


Buy and accumulate more on decline as we expect medium term positive outlook in it. Above 4250 will take it to 4330—4400 and then 4550++ mark in near term.


Fresh selling can be seen on close below 4150 mark.

 

Trade with levels only.



Soybean

Image result for soybean image

Support seen at 3750 and Resistance is 3950.


If prices unable to breach and close below 3750 then we can expect a smart recovery from here towards immediate hurdle of 3950. Major rally will start on close above 3950 mark.


Fresh selling only can be seen on close below 3750 mark.


Trade with levels only.




Castor Seed

Image result for castor seed image

Support at 4100 and Resistance at 4250


As expected, we have seen a good recovery from its recent bottom and we expect its likely to continue in near term. Above 4250 will take it towards 4330—4410 and then 4500++ mark in near term.

 

Fresh selling only can be seen on close below 4100.


Trade with levels only.



Cotton 


Image result for cotton images

Support is 20800 and Resistance is 21250.


Above 21250 will see more upside till 21500---21680 and then 21880++ mark else could touch its support level of 20800 mark.


Fresh selling can be seen on close below 20800.


Trade with levels only.




Jeera 


Image result for jeera  image

Support seen at 14150 and Resistance is at 14650


Seems bottom out here. Above 14650 will take it to 14950--15300 and then 15650++ mark .


Fresh selling only can be seen on close below 14150.


Trade with levels only.




Turmeric 

Image result for turmeric image

Our buy call from 6600—6800 has proven great.


Now what to expect?


Support is 6550 while Resistance is 6800


Above 6800 rally likely to continue till 6950—7120 and then 7350++ mark in near term else could touch its support level of 6550.  


Fresh selling can be seen on close below 6550 mark.


Trade with levels only.



CPO


Image result for crude palm oil image

Support seen at 632 while Resistance is 650.


Correction due on chart. Buy and accumulate more on decline till 632 which may likely to touch 650—665 mark in near term.


Fresh selling can be seen on close below 632.



Trade with levels only

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Tags:Agri Commodity

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