Epic Research Daily Agri Commodity Report Of 14 May 2018

Technically NCDEX Jeera is getting support at 15950 and below same could see a test of 15845 level, And resistance is now likely to be seen at 16150, a move above could see prices testing 16245. Jeera on NCDEX settled up by 1.01% at 16055 due to good surge in export and physical market demands. Moreover, lower arrivals and minimum stock levels triggered the upward movement in prices. Prices also seen supported due to lower arrivals and pick up demand. Daily arrivals hovered around 30,000 bags (each of 55 kg), as against the expectation of 50,000 bags considering the bumper crop. Traders maintained that with arrivals dropping and export enquiries increasing, prices are firming up.

Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 5.1% to settled at 17525 while prices up 52 rupees. Now NCDEX Turmeric is getting support at 7370 and below same could see a test of 7282 level, And resistance is now likely to be seen at 7516, a move above could see prices testing 7574. Turmeric on NCDEX settled up by 0.7% at 7460 tracking improved demand in physical market due to reports of lower stocks. Further, despite higher production estimates, there are concerns regarding yield levels in Rajasthan.

Technically Cardamom market is under fresh selling as market has witnessed gain in open interest by 1.9% to settled at 215 while prices down 7.2 rupees. Now MCX Cardamom is getting support at 906.6 and below same could see a test of 901.3 level, And resistance is now likely to be seen at 920.6, a move above could see prices testing 929.3. Cardamom on MCX settled down by 0.78% at 912 due to lack of support in the wake of reports of favourable weather conditions in the producing centres of Kerala. The current weather will not only help the growth of plants but arrivals of new crop may also start early.

Economic News

Cotton season in Punjab is off to a sluggish start, with seed companies reporting low demand for BT cotton seeds, the variety that accounts for most of the cotton grown in the country. Seed companies say farmers are shifting to other crops, especially paddy and maize, in which they see higher returns. Accordingly, cotton acreage in the state this kharif season is expected to drop by 15-20% despite an 8% discount in price of seeds this year. Experts said if sowing doesn’t pick up pace, it could affect the revival of cotton in Punjab, where acreage under the cash crop had jumped by about half in 2017- 18. “Demand for cotton seeds so far is 20-30% less than last year due to factors including delay in supply of canal water and higher income in paddy in the last season,” a Fazilka-based distributor of Rasi Seeds said. Cotton, largely BT cotton, was grown over 122 lakh hectares in India in 2017-18.

Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 4.74% to settled at 115660 while prices up 19 rupees. Now NCDEX Mustard seed is getting support at 3912 and below same could see a test of 3894 level, And resistance is now likely to be seen at 3948, a move above could see prices testing 3966. Mustard Seed on NCDEX settled up by 0.49% at 3931 tracking firmness in spot demand amid higher meal exports during the month of April. According to SEA latest export report, exports of mustard meal is sharply increased by 173% on year to nearly 97,891 tons, due to higher demand from South Korea. Exports have been 209% higher at 6.64 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt. According to data compiled by the MOPA, overall mustard stock in the country were estimated at 53 lakh tonnes (70 lt production minus 17 lt crushed), out of which 42 lt is still with the farmers while 11 lt with the oil mills and stockists.

Trading Recommendations

SELL CORIANDER MAY BELOW 4750 TARGET 4780/4820/4870 SL 4700
BUY TMC MAY ABOVE 7350 TARGET 7380/7420/7470 SL 7300
SELL GUARGUM5 MAY BELOW 8300 TARGET 8330/8370/8420 SL 8250

Epic Research Limited is a supreme level financial advisory services provider firm. We have designed services for different investors as per their needs like commodity tips , equity tips, agri tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or
mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001

411 Milinda Manor, 2 RNT Road, Indore 452001

This release was published on openPR.