Epic Research Daily Agri Commodity Report Of 1 JUNE 2017

Commodity News

Turmeric futures edged lower on NCDEX on fall in demand from upcountry and industrial buyers at the spot market. Though, some losses were capped as the turmeric arrivals in the country are lower in first 25 days of May at 58,309 tons compared to 1,14,737 tons during April (1-25). The contract for June delivery was trading at Rs 5280.00,down by 0.94% or Rs 50.00 from its previous closing of Rs 5330.00.The open interest of the contract stood at 12435 lots. The contract for July delivery was trading at Rs 5350.00, down by 0.89% or Rs 48.00 from its previous closing of Rs 5398.00.

Jeera futures traded lower on NCDEX as speculators engaged in trimming positions to book profits at prevailing levels amid lower domestic and exports demand. Besides, ample stocks position following higher supplies from major growing regions in Gujarat and Rajasthan too fuelled the downtrend. The contract for June delivery
was trading at Rs 17410, down by 1.08% or Rs 190.00 from its previous closing of Rs 17600. The open interest of the contract stood at 7839 lots.

Coriander futures traded lower on NCDEX as participants cut down their bets on the back of muted demand in the domestic spot market.Further, rising arrivals from major producing belts also weighed on coriander futures. The contract for June delivery was trading at Rs4825.00, down by 2.07% or Rs 102.00 from its previous closing of Rs
4927.00. The open interest of the contract stood at 29140 lots The contract for July delivery was trading at Rs 4912.00, down by 2.27% or Rs 114.00 from its previous closing of Rs 5026.00.

Economic News

Production of horticulture crops such as fruit and vegetables have seen an increase over the previous year. The production is estimated at 295 million tonnes in 2016-17 crop year ending June, shows the second advance estimates released by the agriculture ministry on Tuesday. Compared to the previous year when production was 286.18 million tonnes, the harvest is 3.1% higher. It is also 2.7% higher over the
first advance estimate issued in February largely due to rise in onion production. According to the second advance estimate, the production of vegetables is estimated to be around 175 million tonnes, which is 3.5% higher than previous year and 3.8% higher than the first estimate. Fruit production during the current year is estimated to be 93 million tonnes -2.9% higher than the previous year. “This year, onion, potato and tomato farmers did not have good returns and crops were sold below production
cost.

India's 2017/18 sugar production will likely jump a quarter from the previous year to 25 million tonnes as decent monsoon rains are forecast, the head of an industry body told Reuters. That rebound in output to volumes near consumption levels could sap demand for imports from the world's biggest consumer of the sweetener, dragging on international prices that are already near their lowest in over a year. India was forced to import 500,000 tonnes of sugar in the 2016/17 crop year ending Sept. 30 after a
strong El Nino weather pattern prompted severe drought in 2015. "Local supply will be enough to cater for demand. We don't need imports anymore," Prakash Naiknavare, Managing Director, National Federation of Co-operative Sugar Factories Ltd, said on Wednesday. India's monsoon, which is forecast to deliver normal rainfall in 2017, lashed the country's southwest coast on Tuesday, two days ahead of usual.

Trading Recommendations

SELL CORIANDER APR BEOWL 4700 TARGET 4670 4630 4580 SL ABOVE 4750
BUY TURMERIC MAYBELOW 5350 TARGET 5580 5620 5670 SL BELOW 5300
SELL GUARGUM5 MAY BELOW 7180 TARGET 7150 7110 7060 SL ABOVE 7130

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This release was published on openPR.