Turmeric futures (Dec) is expected to take support near 7050 levels. Spot turmeric prices increased at Erode markets on the back of local demand. On Tuesday, 2,000 bags arrived for sale and 75 per cent of the arrived stocks were sold due to demand and also arrival of medium variety turmeric. Regarding the price, the finger turmeric gained Rs.150 a quintal and that of the root variety by Rs.100. At the Erode Turmeric Merchants Association, the finger variety went for Rs.7,378-8,809 a quintal; the root variety Rs.7,099-8,099. Of the arrival of 727 bags, 271 were sold.
Cardamom futures (Dec) may trade higher & test 1460 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 in the range of 17700-18300 levels. Cumin seed flat in Unjha market of Gujarat on Tuesday due to limited off take, whereas Rajkot market was closed due to labor issue. Further buyers turned sidelined to source the commodity at the higher level after sharp rally on previous session. However lower stock in the country could prevent spot prices from major fall.
Soybean futures (Dec) may trade sideways with a downside bias & can test 3050-3030 levels. In its revised crop projection for kharif 2016, the Soyabean Processors Association of India (SOPA) has put India’s soyabean crop at 114.9 lakh tonnes (lt) — about 5 per cent higher than the initial crop estimate of 108.8 lt. The increase in output is attributed to lower damage and better yield mainly in Madhya Pradesh and Maharashtra. The sowing area is recorded at 109.7 lakh hectares with over 90 per cent of the area falling in Madhya Pradesh, Maharashtra and Rajasthan. On CBOT, Chicago soybeans gained more ground on Wednesday, rising for a fifth consecutive session as strong demand and fund buying buoyed the market. Chinese importers have been locking in U.S. soybean shipments in recent weeks for delivery in the coming months although the country’s purchases fell in October. Investors in commodity and financial markets are focused on the U.S. presidential election results.
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 670-678 levels. In domestic market, demand for refined soy oil is picking, but high supply from local oilseed production has kept major upside restricted.
CPO futures (Nov) is likely to trade in the range of 515-525 levels. In domestic market, demand for palm oil is improving amid stability and upmove in global markets, however uplifting was slow from retail participants, which kept big upside capped.
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 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 trade higher towards 2000-2020 levels. The quality of cotton oilcake arriving in the market is good as it is containing less moisture and higher oil content. Cattle feed manufacturers will start bulk buying around Rs 1,900/100kg for their long term requirement.
Guar seed (Dec) is expected to face resistance near 6300 levels. Spot Guarseed was tad up on Tuesday supported by some positive cues from futures, stockists buying and lower supply. Activity in the Guarseed market was little better than recent days as lower level prompted some stockists to indulge in fresh buying. Guarseed arrivals in the country yesterday totaled at 74,000-75,000 bags (100kg each) against 80,000 bags previous session.
Courtesy: Smc Comtrade