Press release
Epic Research Daily Agri Commodity Report Of 04 DECEMBER 2017
Commodity NewsTurmeric futures edged lower on NCDEX as prices dropped on reports
about good supplies from the government auctions and as physical
demand for the commodity subdued in domestic market. The contract for
December delivery was trading Rs 7742.00, up by 0.49% or Rs 38.00 from
its previous closing of Rs 7780.00. The open interest of the contract stood
at 3575 lots. The contract for April delivery was trading at Rs 7700.00,
down by 0.26% or Rs 20.00 from its previous closing of Rs 7720.00. The
open interest of the contract stood at 6015 lots on NCDEX.
Soybean futures traded lower on NCDEX as speculators trimmed their
positions, despite good physical demand from the oil millers after hike
duty on in edible oil imports. The contract for December delivery was
trading at Rs 3030.00, down by 0.13% or Rs 4.00 from its previous closing
of Rs 3034.00. The open interest of the contract stood at 117790 lots. The
contract for January delivery was trading at Rs 3092.00, down by 0.19% or
Rs 6.00 from its previous closing of Rs 3098.00. The open interest of the
contract stood at 183950 lots on NCDEX.
Jeera futures traded lower on NCDEX on muted spot demand and as
speculators trimmed their positions to book profits at prevailing levels.
The commodity prices also dragged down on reports that good sowing
conditions in Rajasthan and Gujarat promises strong jeera production in
the current year amid current firm supplying belts. The contract for
December delivery was trading at Rs 21470, down by 1.42 % or Rs 310.00
from its previous closing of Rs 21780.00. The open interest of the contract
stood at 13029 lots. The contract for January delivery was trading at Rs
21370.00, down by 1.16 % or Rs 250.00 from its previous closing of Rs
21620.00. The open interest of the contract stood at 2979 lots on NCDEX.
Economic News
Negotiable Warehouse Receipts (ENWR) is receiving positive response from
agriculture participants after two months of their launch. The first ENWR was
issued on 26th September under the aegis of National e-Repository Limited
(NERL) by Union minister of consumer affairs, food and public distribution
Ram Vilas Paswan, NERL, a subsidiary company of NCDEX, which was formed
to provide repository services for electronic negotiable warehouse receipts
has started witnessing demand for issuance of e-Negotiable warehouse
receipt (ENWR), said a release issued by NCDEX on Friday. The ENWRs are
issued in Gujarat and Rajasthan for commodities in guar gum and sesame
seed. Utilizing key advantage of ENWR, farmers and various stakeholders will
get easy access to bank finance facility. With ENWR under their possession,
the value chain participants are using the Exchange warehouses even after
Exchange Deliverable Date (EDD) under Warehousing Development and
Regulatory Authority(WDRA) framework which was not possible in earlier
regime.
Trade body Cotton Association of India (CAI) has threatened to go one day
protest on December 15, followed by an indefinite strike against Reverse
Charge Mechanism if the GST council does not resolve the issue in its meeting
scheduled on December 21. All members present at the meeting decided that,
they would go on one day token protest against RCM on 15th December 2017
and thereafter on an indefinite strike in their respective states by closing
shutters from 22nd December 2017 if the issue of RCM was not resolved in
the next meeting of the GST Council which is scheduled to be held on 21st
December 2017. Cotton Association of India (CAI) convened a joint meeting of
the upcountry associations of all cotton growing states in Mumbai this week
to deliberate on the issue of Reverse Charge Mechanism (RCM) under GST and
to chalk out strategy of finding out a solution to this vexatious problem in
close coordination with each other.
Trading Recommendations
BUY CORIANDER DEC ABOVE 5420 TARGET 5450 5490 5540 SL BELOW 5370
SELL TURMERIC DEC BELOW 7470 TARGET 7440 7400 7350 SL ABOVE 7520
SELL GUARGUM5 DEC BELOW 8620 TARGET 8590 8550 8500 SL 8670
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