NCDEX Daily Agri Commodites Technical Report by epicresearch 03 st January 2014
AGRI COMMODITY DAILY WRAP UP
JEERA FUTURE
Jeera futures are seen weak due to higher sowing and lack of strong demand. Sufficient carryover stocks alongwith higher production estimates also pressured the market sentiments. Sowing of jeera in Gujarat raised to 445200 hectares so far from 292900 hectares same period a year ago, as per data from the state’s agriculturedepartment. Area under jeera in Rajasthan is 186000 hectares thus far. The export demand is expected to rise incoming months because of crop failure in Syria and Turkey. As per the recent report from IMD, cold waveconditions were prevailing over some parts of Gujarat.
MENTHA OIL FUTURE
The arrivals reaching the physical mandis are hovering around 100 to 150 drums compared to the previous 200 to 250 drums. Despite the ongoing winter season coupled with the restricted arrivals, we have not been noticing any major gains in prices due to subdued domestic demand. In line with this, we are not noticing any fresh export cues from the Asian countries, which is further weighing on market sentiments in this New Year, although the spot prices have slightly improved.
CHANA FUTURE
Chana futures are expected to trade on a mixed to positive note today supported by lower level buying coupled with weather concerns in north India. However, no major upside is seen due to weak demand, higher sowing, favorable climatic conditions, increasing imports as well as comfortable supplies. Sowing of Chana has picked up across the major growing states; weather conditions and planting progress thereon are the crucial factors to be watch for here onwards.
TRADING STRATEGY:
BUY CHANA JAN ABOVE 3080 TGTS 3110, 3160 SL 3030
SELL CHANA JAN BELOW 3040 TGTS 3010, 2960 SL 3090
