Epic Research Daily Agri Commodity Report Of 04 August 2017

Commodity News

Turmeric futures traded higher on NCDEX on improving demand from
upcountry buyers at the spot market. Further, dry conditions in turmeric
growing areas, slower sowing progress too fuelled the uptrend. The
contract for August delivery was trading at Rs 7590.00, up by 0.21% or Rs
16.00 from its previous closing of Rs 7574.00. The open interest of the
contract stood at 9010 lots. The contract for September delivery was
trading at Rs 7694.00, up by 0.34% or Rs 26.00 from its previous closing of
Rs 7668.00. The open interest of the contract stood at 9270 lots on
NCDEX.

Jeera futures traded higher on NCDEX on account of rising physical as
well as export demand at the spot market. Further, tight supplies due to rain
damage in the producing regions too fuelled the uptrend. The contract for
August delivery was trading at Rs 18990.00, up by 0.37% or Rs 70.00 from
its previous closing of Rs 18920.00. The open interest of the contract stood
at 6828 lots. The contract for September delivery was trading at Rs
19235.00, up by 0.42% or Rs 80.00 from its previous closing of Rs
19155.00. The open interest of the contract stood at 10014 lots on NCDEX.

Coriander futures edged higher on NCDEX as participants enlarged
their holdings, tracking rising demand in the spot market. Besides, fall in
supplies from major producing regions also fuelled the uptrend. The
contract for August delivery was trading at Rs 4784.00, up by 0.5% or Rs
24.00 from its previous closing of Rs 4760.00. The open interest of the
contract stood at 20860 lots. The contract for September delivery was
trading at Rs 4871.00, up by 0.39% or Rs 19.00 from its previous closing of
Rs 4852.00. The open interest of the contract stood at 25970 lots on
NCDEX.

Economic News

The Cabinet Committee on Economic Affairs today gave ex-post facto
approval for an MoU signed by India and other BRICS nations for setting up of
an agriculture research platform. In October last year, a memorandum of
understanding (MoU) for setting up agriculture research platform (ARP) was
signed by foreign ministers of BRICS countries in the 8th BRICS Summit held at
Goa, an official release said. The ex-post facto approval to the same MoU was
given by the CCEA in a meeting held today, the release said. "The Centre will
promote sustainable agricultural development and poverty alleviation through
strategic cooperation in agriculture to provide food security in the BRICS
member countries," it said. BRICS-ARP will act as a global platform for
science-led agriculture-based sustainable development for addressing the
issues of world hunger, under-nutrition, poverty and inequality, particularly
between farmers' and non-farmers' income, and enhancing agricultural trade,
bio-security and climate resilient agriculture, the statement added.

The government today launched a portal, e-RaKAM, to provide a platform
to sell agricultural produce. The portal is a joint initiative by state-run-
auctioneer MSTC and Central Warehousing Corporation arm
CRWC. Launching the portal with Steel Minister Chaudhary Birender Singh,
Consumer Affairs, Food & Public Distribution Minister Ram Vilas Paswan said
the effort should be to auction 20 lakh tonnes of pulses in the first phase
through the platform. "I personally feel that we should start with auctioning
of pulses as we have them in abundance. Twenty lakh tonnes of pulses were
lying idle at warehouse and it still has no buyers. E-RaKAM will help us and
farmers hugely," Paswan said. He said initial hurdles will be there as most of
the farmers are illiterate and are in bad condition, Paswan said, as per a joint
statement issued by MSTC and CRWC.

Trading Recommendations

SELL CORIANDER BELOW 4700 TARGET 4670 4630 4580 SL ABOVE 4750
BUY TURMERIC ABOVE 7680 TARGET 7710 7750 7800 SL BELOW 7630
SELL GUARGUM5 BELOW 7670 TARGET 7640 7600 7550 SL ABOVE 7720

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This release was published on openPR.