Epic Research Daily Agri Commodity Report Of 17 May 2017

Commodity News

Turmeric futures traded down on NCDEX as participants reduced their exposure at current levels amid fall in demand at the domestic spot markets. Further, adequate stock position following higher supply from the producing regions too fuelled the downtrend. The contract for May delivery was trading at Rs 5590.00, down by 1.65% or Rs 94.00 from its previous closing of Rs 5684.00. The open interest of the contract stood at 750 lots.

Jeera futures edged down on NCDEX as speculators engaged in reducing their positions amid tepid demand in the spot market. Besides, sufficient stocks position on increased supplies from the major growing regions in Gujarat and Rajasthan fuelled the downtrend. The contract for May delivery was trading at Rs 17815, down by 1.30% or Rs235.00 from its previous closing of Rs 18050.

Coriander futures edged lower on NCDEX as speculators offloaded their holdings amid subdued demand in the domestic spot market.Besides, increased supplies from major growing belts also fuelled the downtrend. The contract for May delivery was trading at Rs 5227.00, down by 2.99% or Rs 161.00 from its previous closing of Rs 5388.00.

Economic News

Central government has directed all the states to remove stock limit on pulses. Bumper production of pulses has forced governments to increase procurement and yet it hasn't helped the fall of prices below the minimum support price. "In view of ample availability of pulses in the country and their falling prices, we have directed for immediate removal of stock limit on pulses." tweeted union food minister Ram Vilas Paswan adding, ""For the benefit of farmers growing pulses, we have directed all the state governments to remove stock limit on pulses.“ After Tur dal prices hit Rs250/kg in retail market in 2015, farmers increased the area under tur substantially.

Taking a cue from the pisciculture practices in Norway, Thailand, Japan and the Philippines, West Bengal government is all set to introduce a new method of deep-sea pisciculture commonly known as cage culture. As the name suggests, the practice consists of culturing fish inside big floating cages in the middle of the sea. The project is at present in the pilot stage. Two 4.5 metre-diameter cages made out of GI pipes and netlon mesh have been set up 2 km off the coast of Mandarmani at the northern end of the Bay of Bengal. The cages are covered with nets to prevent seabirds from feeding on the fish. They are tied down with buoys to provide stability.Each cage is going to last eight to ten years. Hatchlings for the pilot project will be released in September, which will grow to the right size – 1 to 1.5 kg – within six months.

Trading Recommendations

BUY CORIANDER APR ABOVE 5280 TARGET 5310 5350 5400 SL BELOW 5250
SELL TURMERIC MAYBELOW 5590 TARGET 5560 5520 5470 SL ABOVE 5640
BUY GUARGUM5 MAY ABOVE 7620 TARGET 7650 7690 7740 SL BELOW 7570

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This release was published on openPR.