Epic Research Daily Agri Commodity Report Of 17 July 2018
Multi Commodity Exchange of India Ltd. (MCX) has received extremely encouraging response with Cotton deposits in the current season (Oct’ 17-Jul’ 18), notably increasing by 294 per cent in June 2018 vis-a-vis June 2017. This not only reaffirms the confidence of the stakeholders in the exchange as an efficient risk management platform, but also its wellequipped and robust warehousing and delivery mechanism for participants to tender and receive delivery. The Cotton futures contract continues to serve as an efficient hedging tool to the market participants - producers, ginners, millers, yarn manufacturers, exporters that enables them to tackle volatility or any adverse price movement in an efficient manner.
In a bid to boost Onion export, the Centre has decided to give 5% benefit of Merchandise Exports from India Scheme (MEIS) to Onion exporters. The scheme has come into effect from July 13 and will continue till January 12, 2019, says a notification issued by the Directorate General of Foreign Trade. Farmers, traders and the Agriculture Produce Market committee (APMC) at Lasalgaon had been demanding the incentive for Onion exports. The Maharashtra State Agriculture Marketing Board had also sent a proposal to the Centre around two months ago, seeking 5% incentive for Onion export to stop drop in Onion prices
Technically Mentha Oil market is under fresh buying as market has witnessed gain in open interest by 2.4% to settled at 1195. Now MCX Mentha Oil is getting support at 1565.1 and below same could see a test of 1526.8 level, And resistance is now likely to be seen at 1622.6, a move above could see prices testing 1641.8. Mentha Oil on MCX settled up 3.99% at 1603.4 amid rise in demand from consuming industries at the spot market. Further, restricted supplies from the major producing belts of Chandausi in Uttar Pradesh too supported mentha oil prices’ uptrend. Spot markets are also witnessing strong consumption demand amid restricted supplies. Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users. The Multi Commodity Exchange of India will double the total additional margin to 10% on both buy and sell side of all running as well as yet-to-be-launched contracts of mentha oil from Monday. Despite the peak season of harvest in June, prices of mentha oil have risen over 20% since the beginning of June as farmers held back stocks.
Technically Cardamom market is under short covering as market has witnessed drop in open interest by 6.29% to settled at 134 while prices up 4.8 rupees. Now MCX Cardamom is getting support at 1035 and below same could see a test of 1027.4 level, And resistance is now likely to be seen at 1048.1, a move above could see prices testing 1053.6. Cardamom on MCX settled up 0.46% at 1042.5 as there are fears of damage to standing crops and delay in new crop supplies. Rains have also impacted the new crops and supplies from the fresh crop would get momentum by the third week of this month, though scattered supplies have begun to pour in some of the auction centres. Stockists did not make buying on hopes of higher output and early commencement of new crop supplies.
SELL CORIANDER JUL BELOW 4600 TARGET 4580/4560/4540 SL 4630
BUY TURMERIC JUL ABOVE 7040 TARGET 7070/7100/7130 SL 7000
BUY GUARGUM5 JUL ABOVE 8980 TARGET 9020/9060/9100 SL 8930
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