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NCDEX Daily Agri Press Release Report by epicresearch 20th February 2014
SOYABEAN FUTURE
Soybean futures may trade on a positive note. Lower arrivals, positive overseas markets and dry weather in Brazil may support prices. However, sluggish domestic demand coupled with prospects of higher output in South America may cap sharp gains. Prices may also take cues from movement in the Indian Rupee.
MENTHAOIL FUTURE
The fundamentals are bearish for Mentha oil so spot prices are still maintaining lower and the bulk buyers are also less in the market. At the futures market, February contract showed a marginal gain in prices along with higher volume while open interest fell. This indicates price rise could be a short covering phase which may sustain for a while. For the day we believe futures prices might advance a tad however, we need to closely watch the today’s spot market
activities.
TURMERIC FUTURE
Turmeric futures are seen trading higher on account of good demand from buyers in India and overseas coupled with concerns about yield in Andhra Pradesh. Shortage of good quality spice and expectations of rise in export enquiries too limited sharp fall in prices. Turmeric futures are likely to trade with positive bias due to weak production estimates for the current year.
CHANA FUTURE
Chana may trade on a mixed note. Reports that the state government may intervene and start procuring pulses at MSP coupled with higher pulses exports data may support prices however, comfortable supply situation as well as higher output estimates may pressurize prices.
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CHANA APR ABOVE 3035 TGTS 3055,3095 SL 2985
SELL CHANA APR BELOW 3000 TGTS 2970,2920 SL 3050
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CASTORSEED MAR ABOVE 4190 TGTS 4220,4270 SL 4140
SELL CASTORSEED MAR BELOW 4155 TGTS 4125,4075 SL 4205
SUGGESTION OF TODAY TRADING STRATEGY:
BUY DHANIYA APR ABOVE 8975 TGTS 9005,9055 SL 8925
SELL DHANIYA APR BELOW 8905 TGTS 8875,8825 SL 8955
