Turmeric futures (Aug) may trade in the range of 8230-8400 levels. Nearly 75 per cent of the arrived turmeric was sold at Erode markets for a higher price. Only 4,000 bags of medium variety turmeric arrived for sale and traders who have upcountry orders purchased good quality turmeric. At the Erode Turmeric Merchants Association, the finger variety went for Rs.7,779-9,244 a quintal and the root variety at Rs.7,119-8,588.
Cardamom futures (Aug) may trade in the range of 925-940 levels. A nearly easier trend was visible in the small cardamom prices at auctions held in Kerala and Tamil Nadu. The arrivals continued to show a downward trend as the season is over. Supply of good colour bold capsules was very thin and what ever volume of this grade arrived was being sold at Rs 20 more per kg while that of inferior quality was being traded at Rs 10 -20 a kg below. Exporters, however, were totally inactive probably because of the higher prices coupled with non-availability of the capsules of required quality.
Coriander futures (Aug) may face resistance near 8100 levels. At the spot market, Coriander traded weak with muted demand and increased supply. Markets in Rajasthan are lower by 200-300/100g, while prices were in Guna market of Madhya Pradesh. The supply of coriander is sufficient in the country to cater any incremental demand.
Jeera futures (Aug) is likely to maintain its upside momentum & trade in the range of 19500-20000 levels. Cumin seed prices are finding resistance after reaching to historic high, however long term outlooks seems to be bullish amid lower crop against strong export demand. The supply of coriander is sufficient in the country to cater any incremental demand.
Soybean futures (Oct) may witness consolidation in the range of 3570-3630 levels. Soybean prices traded down in major markets of Madhya Pradesh and Maharashtra on Tuesday on bearish fundamentals. The good monsoon progress across country with proper distribution of rainfall in main farmland at regular intervals has raised hopes for better than expected production this year, despite talks of reduction in sowing area. Further to it, demand for soybean meal has been inconsistent in recent months, due to which demand for raw material is not regular. On CBOT, Soybean futures for November delivery finished 7-1/2higher at $9.73-3/4 per bushel, rebounding after Monday’s three-month lows. The CME Group showed open interest in soybean futures declining during Monday’s session of lower prices, suggesting long liquidation.
Mustard futures (Aug) may witness a downfall towards 4850 levels. Mustard seed traded down in benchmark Jaipur market of Rajasthan on Tuesday pressured by ease in demand at the higher level. Mustard seed are facing some pressure as demand is little slow at higher level for mustard oil, as the prices for the same has rose to 9-month high last week in comparison with other vegetable oil.
CPO futures (Aug) may trade in the range of 496-502 levels, while refined soy oil futures (Aug) will possibly consolidate in the range of 625-635 levels. There are prospect of oil seed production is improving which will ease supply for vegetable oil in coming months. Malaysian palm oil futures has lost 3.5 percent so far this month and looks set for its second monthly drop in a row as weaker performing vegetable oils weigh on market sentiment.
Kapas futures (Apr) is expected to face resistance near 1040 levels. Subdued domestic and weak cues from international market weighed on cotton prices at the key trading centers of central India. The margins of mills, especially small-medium with poor inventory has incurred huge losses with yarn inventory built up. Export demand is not good at present. Cotton prices has dropped by Rs 15-20/maund (37.3kg each) in North India as there is hardly any major buying has been observed in the spot market since yesterday as most mills have opted to stay sideline due to poor inquiries in cotton yarn.
Sugar futures (Oct) is likely to trade in the range of 3850-3900 levels. Sugar prices extended their gain tracking firm mill tender rates amid higher physical demand ahead of festival season. Producers sold the commodity at Rs.20-40 a quintal higher than the previous day which lifted spot and naka rates at Vashi by Rs.20-30. Stockiest continued buying. Vashi market carries about 110-115 truck loads of stocks since last month.
The upside momentum is mentha oil futures (Aug) is likely to witness a pulse as the counter can face resistance near 980 levels. Mentha oil dropped on the spot markets after recent strong rise amid slow lackluster demand. Mentha oil prices surged more than 16 percent this month, which has prompted long liquidation at the higher level.
Courtesy: Smc Comtrade