16/4/2018

Agro Commodity Update 16th - April-2018

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Fundamental Aspect:


Chana future prices settled the weak lower due to fresh selling initiated by the market participants on higher supplies in domestic market. Government has taken many stances to support prices like removing export restrictions and procuring at Minimum support prices (MSP) but still there is ample pressure on prices. MP government announces to procure about 21 lakh tonnes of Chana at MSP of 4,400 per quintal and exclude it from Bhavantar scheme. Center approved the procurement of chana from Rajasthan, Karnataka, Andhra Pradesh and Telangana. During Apr-Jan period, India imported about 9.57 lt of up by 38.6% compared the last year imports. However, govt estimates 19% higher production at 11.1 mt against 9.3 mt last year on higher acreage and good weather.


Turmeric futures prices surged sharply higher tracking good physical demand from lower levels. In past couple of month, prices corrected almost 20% in the current calendar due to arrival pressure of new season crop and lower export demand. Supplies from the new season turmeric have been higher during March at 83,242 tonnes compared to 76,292 tonnes last year, as per the trader source. The export of turmeric is down by 14.6% to 88,144 tonnes for the first 10 month of FY 2017-18 as compared with the last years’ exports.




Technical Aspect (May)



Guar seed


Image result for guar seed images

Support seen at 4000 and Resistance is 4150


Buy and accumulate as we expect positive move in coming session. Above 4150 will take it to 4280—4300++ mark.


Support and stop loss will remain at 4000 on closing basis.


Trade with levels only.




Chana 


Image result for chana  seed images

Our sell call from 3750—3675 has proven great


Now what to expect?


Panic likely to continue. Support is 3650. Break and sustain below 3650 will take it to 3570—3500 mark.

 

Fresh buying only can be seen on close above 3750. 


Trade with levels only.




Dhania


Image result for dhaniya  seed images

Support is 5100 and Resistance 5300


Trading in a range. Either side break and close will set the further trend in it.


Fresh buying can be seen on close above 5300.


Trade with levels only.




Jeera 


Image result for jeeraseed images

Support is 15300 and Resistance is 15750


Above 15750 rally likely to continue till 16250—16500 mark. 


Fresh selling only can be seen on close below 15300.


Trade with levels only.



Soybean


Image result for soybean seed images

Support is 3800 and Resistance is 3880


Above 3880 will take it to 3950—4000++ mark else could touch its support of 3800.


Fresh selling can be seen on close below 3800.


Trade with levels only.




Castor Seed


Image result for castor  seed images

Support at 4120 and Resistance at 4200


Above 4200 will take it to 4280—4350 mark else could touch its support level of 4120 mark.

 

Fresh selling only can be seen on close below 4120.


Trade with levels only.





Soy Refined 


Image result for soyarefine  images

Support is 771 and Resistance is 778.


Below 771 we expect downside till 765--762 mark else could touch its resistance level of 778.


Fresh buying can be seen on close above 778.


Trade with levels only.



CPO (April) 


Image result for cpo oil   images

Support seen at 640 while Resistance is 646.


Below 640 we expect more panic till 634—632 mark else it could touch its resistance level of 646.


Fresh buying can be seen on close above 646 mark. 


Trade with levels only



Mentha Oil (April)


Image result for mentha oil images

Support is 1400 and Resistance is 1435


Trading in a range. Either side break and close will set the further trend in it.


Trade with levels only.




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Tags:Agri Commodity

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