Press release
Epic Research Daily Agri Commodity Report Of 19 September 2017
Commodity NewsJeera futures traded down on NCDEX as speculators booked profits at
prevailing levels amid lower domestic and exports demand at the spot
market. Further, ample stocks position following higher supplies from
producing belts too fuelled the downtrend. The contract for September
delivery was trading at Rs 19520.00, down by 0.99% or Rs 195.00 from its
previous closing of Rs 19715.00. The open interest of the contract stood at
5742 lots. The contract for October delivery was trading at Rs 19540.00,
down by 0.66% or Rs 130.00 from its previous closing of Rs 19670.00. The
open interest of the contract stood at 10653 lots on NCDEX.
Coriander futures traded lower on NCDEX as participants offloaded
their holdings on the back of subdued demand in the domestic spot
market. Further, increased arrivals from major producing regions also
fuelled the downtrend. The contract for September delivery was trading at
Rs 4380.00, down by 0.68% or Rs 30.00 from its previous closing of Rs
4410.00. The open interest of the contract stood at 430 lots. The contract
for October delivery was trading at Rs 4745.00, down by 0.04% or Rs 2.00
from its previous closing of Rs 4747.00. The open interest of the contract
stood at 39360 lots on NCDEX.
Soyabean futures traded marginally higher on NCDEX as speculators
enlarged their positions on improved physical demand from oil mills,
lower acreage in the country, and improved prices of edible oil.
Meanwhile, Soyabean prices too improved at overseas markets on
expectations of strong demand from China although the expanding
harvest in the United States kept a lid on the market. The contract for
October delivery was trading at Rs 3117.00, up by 0.42% or Rs 13.00 from
its previous closing of Rs 3104.00. The open interest of the contract stood
at 44970 lots.
Economic News
"Several farmer leaders and workers of farmer organization were arrested
in Punjab today early morning ahead of a five day dharna at chief minister
Amarinder Singh's residence. Protestors are seeking a comprehensive debt
waiver even though the state government had earlier announced a loan
waiver for small and marginal farmers on June 19. The waiver included loans
up to Rs 2 lakh for marginal and small farmers owning land up to one hectare
and not more than two- hectares, respectively. More than hundred farmer
leaders and workers of seven organizations were arrested in an early morning
crackdown on 18th September. "Congress headed by Captain promised to
waive away farm loans of all farmers, job to one member of a family," a
farmer organozation said in a statement. It said that the Punjab government
has taken a U-turn and none of the promise has been met. The demand
includes extending the loan waiver to farmers owning land of up to 10 acres.
The yarn sector, affected by
high cotton prices in the past six months, might
become normal within a fortnight with demand picking up in major domestic
markets owing to coming Diwali festival, textile industry body Southern India
Mills' Association (SIMA) said today. Also forecasting stable and lower cotton
prices, it said the country would also have competitive advantage in the
international market also. SIMA Chairman P Nataraj said in a statement here
that the demand for yarn in the markets especially Bhiwandi, Ichalkaranji and
Kolkata had picked up with the requirement for fabric going up in view of the
festival season. In addition, the unsold yarn stock with the spinning mills was
also low now. The SIMA chief also said the global cotton position would be
very comfortable during 2017-18 due to increase in area under cultivation of
the crop area by around 11 per cent.
Trading Recommendations
SELL CORIANDER OCT BELOW 4720 TARGET 4690 4660 4610 SL ABOVE 4870
SELL TURMERIC OCT BELOW 7560 TARGET 7530 7490 7440 SL ABOVE 7610
SELL GUARGUM5 OCT BELOW 7550 TARGET 7520 7480 7430 SL ABOVE
7600
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