Turmeric futures (Dec) will possibly witness a gain as it has a potential to test 7450 levels. The arrival of turmeric to the Erode markets started decreasing again. Yesterday only 1,500 bags arrived and the traders expected fine quality turmeric for sale. But only medium and poor quality bags of turmeric arrived for sale. Similar low arrival was experienced in all the turmeric markets in India. Despite lower arrival, the prices did not improve and was below Rs.9,000 a quintal. The finger variety decreased by Rs.300-700 a quintal and by Rs.300 for the root variety. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs.6,519-8,541 a quintal; the root variety at Rs.6,266-7,699.
Cardamom futures (Dec) may trade higher & test 1420 levels. Firmer trend continued in small cardamom prices at auctions held in Kerala and Tamil Nadu. North Indian dealers were actively buying on the apprehension about a likely squeeze in availability due to the unfavourable weather conditions prevailing even now. The individual auction average for the season as on November 5 stood at Rs.977.78/kg. Last week auction average was at Rs.1,165.26 against Rs.1,100.22 the week before.
Jeera futures (Dec) may trade with an upside bias in the range of 17930-18500 levels. Good demand from local traders and overseas buyers have pushed cumin seed prices sharply up by Rs 150-225/20kg in the spot markets. Very little cumin seed stocks left in the country, which is very bullish for the commodity as new crop is expected to hit domestic market only by March.
Soybean futures (Dec) may trade sideways with a downside bias & can test 3050-3030 levels. Subdued tone was observed in soybean at the key trading centers across the country on Monday in the absence of any revival in demand for soymeal. Crushers buying momentum was absent due to slow sales of soymeal and stockiest also sidelined from stocking on poor outlook for soybean prices in near term. Good quality soybean which contains 10% moisture traded in the range of Rs 2,800-2,900/100kg against Rs 2,900-3,000 on previous session. On CBOT, U.S. soybean futures rose for the third straight session on Monday, boosted by robust export demand, while there is caution ahead of Tuesday’s U.S. elections and a key supply-demand report. CBOT January soybean futures finished 7-3/4 cents, or 0.8 percent, higher at $9.98-1/2 per bushel.
Mustard futures (Dec) is expected to trade in the range of 4650-4750 levels. A firm tone was observed in mustard seed at the key Jaipur market of Rajasthan on Monday due to rising demand from millers. Mustard seed prices are largely supported by good buying activity from millers due to increased off take of mustard oil and mustard oil cake. With average of 4 lakh tonne of crushing, mustard seed stock likely to be vanished in next 2-months, leaving scarcity of raw material in forward months.
Refined soy oil futures (Dec) will probably consolidate in the range of 670-675 levels & trade with a positive bias. Downside for refined soy oil is seen limited as the country enters month long marriage season, with coupled winter demand when the rival palm oil solidifies in cold weather. CPO futures (Nov) is likely to take support near 513 levels. In domestic market, some buying interest was witnessed in spot market as the country enters a month long marriage season.
Kapas futures (Apr) will possibly take support near 898 levels & downside may remain capped. A steady tone observed in cotton at the major markets of North India on Monday due to some improvement in demand with rise in supply. Demand in cotton is said to be good from local mills, said a cotton broker from Bathinda. Exporters and MNC’s are also active in the market to source cotton. Cotton quality is very good, which has prompted them to source fibre for their needs, though they are buying slowly as they expect some correction ahead when supply will be at peak.
Cotton oil seed cake futures (Dec) may face a resistance near 1940-1950 levels. Cotton oilcake traded steady at Rs 2,050/100kg and Rs 2,100 in Kadi and Akola market on account of limited demand from cattle feed manufacturer. Cattle feed manufacturers were buying as per requirement and anticipating that prices are likely to correct further in coming days on account of higher availability of raw material i.e. cottonseed.
Guar seed (Dec) is expected to dip further towards 3300-3280 levels. Guarseed and Guargum traded lower in markets of Rajasthan and Haryana against higher supply, lackluster demand. Demand in Guarseed remained lackluster due to poor demand for Guargum from overseas. Guarseed arrivals in the country have surged to 80,000 bags (100kg each).
Courtesy: Smc Comtrade