Epic Research Daily Agri Commodity Report Of 22 May 2017

Commodity News

Coriander futures traded higher on NCDEX as participants built up fresh positions, tracking improved demand in the spot market. Further, limited arrivals from major growing regions also added support to coriander prices’ uptrend. The contract for May delivery was trading at Rs 5375.00, up by 0.92% or Rs 49.00 from its previous closing of Rs5326.00.

Turmeric futures traded higher on NCDEX on expectation of rising exports demand at the spot market. Further, lower arrivals from the producing regions also added support to turmeric prices’ uptrend.Reports showed that the turmeric arrivals in the country are lower in first 15 days of May at 36,489 tons compared to 73,824 tons during April (1-15).

Jeera futures traded up on NCDEX on rising exports demand at the spot market. On the export front, the exports increased by 29.6% to 1,08,513 tons in first 11 month of marketing year 2016/17. Moreover,lower arrivals from the producing regions also added support to jeera prices’ uptrend. Reports showed that 4,316 tons of jeera arrived in May (1-14) compared to 17,494 in April (1-14). The contract for Maydelivery was trading at Rs 18015, up by 0.53% or Rs 95.00 from its previous closing of Rs 17920.

Economic News

Students, farmers' unions and environmental activists today protested outside the Ministry of Environment demanding immediate rollback of the approval for commercial use of GM Mustard. The activists alleged that the Genetic Engineering Appraisal Committee (GEAC), a ministry body that had given the approval on May 11, was functioning "unscientifically" and "irregularly" and asked for its dissolution. "We are asking for dissolution of GEAC as the body is discredited and its functions are always secretive," said Kavitha Kuruganti of Sarson Satyagraha. The protesters promised to organise a nationwide stir if their demand was not met.

The surge in the coastal aquaculture shrimp production to over 5 lakh tonnes consistently in the last two years has helped boost the seafood exports from India, according to Marine Products Export Development Authority (MPEDA). Speaking at the inaugural function of the Aqua Aquaria India 2017, a show focused on the aquaculture and ornamental fish sectors in the country, MPEDA chairman A Jayathilak said the progress has been achieved through the joint support of various stakeholders including farmers, hatchery operators and feed manufacturers. The show is being held for the first time on the west coast at Mangalore. Addressing the function Karnataka Fisheries Minister Pramod Madhwaraj said the west coast including Karnataka, Gujarat, Maharashtra and Goa has immense scope for coastal aquaculture development.

Trading Recommendations

BUY CORIANDER APR ABOVE 5490 TARGET 5520 5560 5610 SL BELOW 5440
SELL TURMERIC MAYBELOW 5500 TARGET 5470 5430 5380 SL ABOVE 5550
BUY GUARGUM5 MAY ABOVE 7870 TARGET 7900 7940 7990 SL BELOW 7820

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This release was published on openPR.