Epic Research Daily Agri Commodity Report Of 3 July 2018

Turmeric on NCDEX settled down 1.65% at 7290 amid rains in Telangana and Maharashtra turmeric growing areas. Turmeric stocks reported lower current year in the spot market.Currently, in Nizamabad turmeric stocks (both old and new crop) were estimated around 5.10 lakh bags as compared to around 7.00 lakh bags in corresponding time last year. Supplies from the new season turmeric have been lower during May at 53,500 t (Vs 73,500 t) compared last year, as per data.The export of turmeric was down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports. Exports are lower by 15.5% in first 4 month of current year compared to last year.

Jeera on NCDEX settled up 2.87% at 18670 amid reports of higher exports and restricted supplies in the physical market amid strong demand from domestic markets. However, monsoon revival in several parts of the country capped some gains. Weather conditions have become favorable with the advancement of monsoon rainfall which could facilitate sowing activities in major growing states. Further, export demand for Indian jeera is expected to be strong in the current season owing to lower supplies from Turkey and Syria.India jeera crop is projected for bumper harvest thanks to higher acreage and favorable weather conditions.

Mentha Oil market is under short covering as market has witnessed drop in open interest by 1.65% to settled at 1669 while prices up 19.3 rupees. Now Mentha Oil is getting support at 1198.9 and below same could see a test of 1178.2 levels and resistance is now likely to be seen at 1233.5, a move above could see prices testing 1247.4. Mentha Oil on MCX settled up 1.61% at 1219.5 taking positive cues from the spot market on surging demand from consuming industries at the spot market. Prices also seen supported due to restricted supplies from the major producing belts of Chandausi in Uttar Pradesh.

Economic News

Technically NCDEX Cardamom is getting support at 969.2 and below same could see a test of 959.6 level, And resistance is now likely to be seen at 989.2, a move above could see prices testing 999.6. Cardamom settled flat on reports of bumper output on the back of favourable weather amid poor stocks of quality goods. There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop. Spice Board cut the number auctions due to falling arrivals at the auction centres. Producing centres of Kerala are getting good rains and monsoon is also expected to hit Kerala coast three days before schedule. India exported 4,180-ton cardamom valued at Rs 4.56 billion during April-December 2017, data from Spices Board showed. Cardamom will be auctioned once every day at e-auction centres in Tamil Nadu's Bodinayakanur and Kerala's Puttady from Monday till Jun 30, the Spices Board India said.

Cotton on MCX settled up 0.72% at 22350 tracking firmness in spot demand owing to healthy export demand outlook. Meanwhile, Chinese cotton price moved up sharply in mid-May to early June on expectation that crop number would be lower and ending stocks are lower than average. Cotton acreage till last week was down by 16% on year to 20.7 lakh hac, according to the farm ministry data. The fall in area of cotton was mainly due to delay in arrival of monsoon over Gujarat, one of the largest growers of the commodity.According to commerce ministry data, cotton exports in April is about 8.23 lakh bales, up by 86.13% on year. Exports for the season are only higher by7% at 51.21 lakh bales in cotton year 2017/18 started on October.The Cotton Advisory Board (CAB) has lowered its cotton output estimates of 377 lakh bales to 370 lakh bales for 2017-18. This was largely attributed to pink bollworm attack on cotton crops in Maharashtra, Telangana and Andhra Pradesh.

Trading Recommendations

BUY CORIANDER JUL ABOVE 4810 TARGET 4830/4850/4870 SL 4780
SELL TURMERIC JUL BELOW 7220 TARGET 7190/7160/7130 SL 7260
BUY GUARGUM5 JUL ABOVE 8400 TARGET 8440/8480/8520 SL 8350

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This release was published on openPR.