16/5/2018

Agro Commodity Update 16th - May-2018

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Fundamental Aspect:


Guar complex recovered sharply from its recent bottom witnessing rising demand amid poor supply, which is supporting the prices. Since weather department had projected early onset on monsoon, we may see demand for the seed from farmers for the sowing purpose. Rising crude oil prices also seeking the demand of gum in physical market as gum is largely used as emulsifier in drilling activities. It estimated that guar seed production fall around 30% for year 2017-18 it will be around about 55-60 lakh tones.



RM Seed futures prices are expected to trade sideways higher as lowering stocks at physical market may support the prices further. Moreover, improved export demand of meal and weaker production outlook for year 2017-18 could cap any excessive falls in prices near term. Ongoing procurement of mustard seed by Haryana, Madhya Pradesh and Rajasthan state government at MSP of Rs.4000 per quintal is also likely to cap excessive losses. For the year 2017-18, India’s mustard seed crop is projected at 63.3 lakh tons. Rajasthan State government has released second advance estimated pegged total production at 31.88 lakh tonnes for year 2017-18 against the 38.08 lakh tones of prior year.

 




Technical Aspect (June)



Guar seed


Image result for guar seed images

Our buy call from 3850—3947 has proven great 


Now what to expect?


Rally likely to continue. Hurdle 3950. Break and close above 3950 will take it to 4050—4160 and then 4300++ mark.


Support and stop loss will remain below 3850 mark on closing basis.


Trade with levels only.




Chana 


Image result for chana  seed images

Our buy call from 3630---3700 has proven great


Now what to expect?


Rally likely to continue.  Hurdle 3700. Break and sustain above 3700 will take it to 3770—3850 mark.

 

Support and stop loss will remain below 3630 mark on closing basis


Trade with levels only.




Dhaniya


Image result for dhaniya   seed images

Support is 4750 and Resistance 4850


Break and sustain above 4850 will take it to 4950 and then 5060 mark else could touch its support level of 4750.


Fresh selling can be seen on close below 4750.


Trade with levels only.




Jeera 


Image result for jeera  seed images

Support is 15800 and Resistance is 16200. 


Break and sustain above 16200 will take it to 16550—16700 mark else could touch its support level of 15800.


Fresh selling can be seen on close below 15800 mark


Trade with levels only.



Soybean


Image result for soybean seed images

Support is 3730 and Resistance is 3810


Break and sustain above 3810 will take it to 3880—3960-mark lese could touch its support level of 3730 mark.


Fresh selling can be initiated on close below 3730 mark.


Trade with levels only.




Castor Seed


Image result for castor   seed images

Support at 4030 and Resistance at 4100


Below 4030 will take it to 3960—3930 mark else could touch its support level of 4100 mark.

 

Fresh buying only can be seen on close above 4100.


Trade with levels only.





CPO (May)


Image result for cpo oil images

Support is 654 and Resistance is 663.


Break and sustain above 663 will take it to 672—676 mark else could touch its support level of 654 mark


Fresh selling can be seen on close below 654.


Trade with levels only



Mentha Oil 


Image result for mentha oil  images

Our sell call from 1370—1266 has proven great


Now what to expect?


Support is 1260 and Resistance is 1320


Now we will wait on either side close for confirmation of its next move.


Trade with levels only.




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Tags:Agri Commodity

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