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NCDEX Daily Agri Commodity Press Report by epicresearch 27 st January 2014
MENTHAOIL FUTURE
last few days, dense fog and rains were hampering trading activities at the physical markets. Farmers are bringing lower quantities of produce to the physical mandis, which is leading to limited arrivals. However, trade sources are stating that the arrivals might increase in the coming days because farmers will ofload more stocks to the physical markets due to their financial needs. This scenario could pressurize mentha oil prices in the near-term. The overall bearish market sentiments are still intact.
CORIANDER FUTURE
Coriander output may fall due to excess rain in Madhya Pradesh and Rajasthan, as farmers were not able to sow the seeds due to high water levels. As well, cold wave condition along with rain continues to hamper the crop with ‘blight’ disease; the aftermath of which is likely to exist for around three years. Accordingly, the acreage under coriander in major producing states is likely to decline in coming years because farmers may execute crop rotation which is considered as a major measure to control the disease.
CHANA FUTURE
Chana futures are expected to trade on a negative note. Higher stocks for delivery on the exchange Warehouses,higher sowing, favorable climatic conditions as well as comfortable supplies may pressurize prices. Commencement of arrivals of the new crop may add to the downside pressure. However, weather concerns in north India and expectations of pickup in demand may support prices at lower levels. thus, no major downside is expected. Sowing of Chana is almost complete across the major growing states; weather conditions and planting progress thereon are the crucial factors to be watch for here onwards.
JERRA FUTURE
Jeera sowing in Gujarat is reported to be complete and is said to be in good condition. Jeera futures are expected to trade on a positive note supported by fresh overseas demand. However, higher sowing and higher output expectations this season may cap sharp gains and pressurize prices.
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CHANA FEB ABOVE 3025 TGTS 3055,3105 SL 2975
SELL CHANA FEB BELOW 3000 TGTS 2970,2920 SL 3050
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CASTORSEED FEB ABOVE 4130 TGTS 4160,4210 SL 4080
SELL CASTORSEED FEB BELOW 4030 TGTS 4000,3950 SL 4080
SUGGESTION OF TODAY TRADING STRATEGY:
BUY DHANIYA FEB ABOVE 8590 TGTS 8620,8670 SL 8540
SELL DHANIYA FEB BELOW 8480 TGTS 8450,8400 SL 8530
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