Epic Research Daily Agri Commodity Report Of 07 NOVEMBER 2017

Commodity News

Jeera futures declined on NCDEX as speculators offloaded their
holdings, driven by subdued demand in the spot market. Besides, rising
arrivals from major producing belts also weighed on jeera futures. The
contract for November delivery was trading at Rs 18750.00, down by
0.45% or Rs 85.00 from its previous closing of Rs 18835.00. The open
interest of the contract stood at 3624 lots. The contract for December
delivery was trading at Rs 19070.00, down by 0.78% or Rs 150.00 from its
previous closing of Rs 19220.00. The open interest of the contract stood at
10311 lots on NCDEX.

Coriander futures traded lower on NCDEX as participants trimmed their
holdings, tracking weak demand in the spot market. Besides, rise in
arrivals from major growing regions also influenced coriander futures. The
contract for November delivery was trading at Rs 5032.00, down by 0.79%
or Rs 40.00 from its previous closing of Rs 5072.00. The open interest of
the contract stood at 11920 lots. The contract for December delivery was
trading at Rs 5136.00, down by 0.7% or Rs 36.00 from its previous closing
of Rs 5172.00. The open interest of the contract stood at 33100 lots on
NCDEX.

Turmeric futures edged higher on NCDEX due to improved demand in
the spot market. Though, expectation of higher production in the new
season from major growing regions, capped some gains in turmeric
futures. The contract for November delivery was trading at Rs 7256.00, up
by 0.67% or Rs 48.00 from its previous closing of Rs 7208.00. The open
interest of the contract stood at 2900 lots. The contract for December
delivery was trading at Rs 7220.00, up by 0.59% or Rs 42.00 from its
previous closing of Rs 7178.00. The open interest of the contract stood at
5560 lots on NCDEX.

Economic News

India should not get satisfied with 10 to 20 per cent growth rate in agro-
processing but should aim for a quantum jump to truly improve lives of the
country's farmers, Railways Minister Piyush Goyal said on Sunday. "I think we
should not rest on the laurels of numbers. 10 or 20 per cent cent growth in
agro-processing or 8 per cent growth in credit finance frankly doesn't impress
me at all. "We have to look at a quantum jump. And that quantum jump is
what will help this industry make good returns and good profits," Goyal said at
the World Food India 2017 here. He added that there was a huge opportunity
in the agro-processing sector in India. "We should look at our industry where
we can create different income generating and profit-making models of
finance and business, and to scale up food processing 10 times in next five
years. "If we keep that kind of ambitious goal ahead of us - a 10 times growth
in food processing sector in India -- we will truly become growth engines of
the economy," Goyal said.

The
recent Rs. 10/quintal increase in the Uttar Pradesh (UP) Government's
state advised price (SAP) for sugarcane for the season sugar year, SY2017-18 is
likely to result in an increase in the cost of production by around Rs. 800 -
1,000/MT of sugar. While this may result in some moderation in operating
margins going forward, given ICRA's expectations of a likelihood of healthy
sugar realisations, sugar recovery rates and an increase in the cane crushing
volumes, it expects another good year in terms of profits for most UP-based
sugar mills. Sabyasachi Majumdar, Senior VP, ICRA, "We expect sugar prices
to remain at remunerative levels in the near term, given the tight domestic
stock position. Further, UP-based sugar mills are likely to continue to derive
the benefit from the improved sugar recovery rates and higher crushing
volumes, arising out of cane development activities undertaken in the past.

Trading Recommendations

BUY CORIANDER OCT ABOVE 5030 TARGET 5060 5100 5150 SL BELOW 4980
BUY TURMERIC OCT ABOVE 7220 TARGET 7190 7150 7100 SL ABOVE 7270
SELL GUARGUM5 OCT BELOW 7890 TARGET 7860 7820 7770 SL 7940

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This release was published on openPR.