Epic Research Daily Agri Commodity Report Of 06 DECEMBER 2017

Commodity News

Coriander futures edged down on NCDEX, as market players trimmed
their position amid sluggish demand from retailers as well as exporters
against increased arrivals from producing regions. The contract for
December delivery was trading at Rs 5486.00, down by 0.18% or Rs 10.00
from its previous closing of Rs 5496.00. The open interest of the contract
stood at 15580 lots. The contract for January delivery was trading at Rs
5600.00, slipped by 0.32% or Rs 18.00 from its previous closing of Rs
5618.00. The open interest of the contract stood at 30910 lots on NCDEX.

Turmeric futures tumbled on NCDEX, on expectations of arrival of new
season crop and lower than expected exports figures. Supplies from the
government auctions and arrivals of medium quality supplies also dragged
the prices down. The contract for December delivery was trading Rs
7286.00, dipped by 2.52 % or Rs 188.00 from its previous closing of Rs
7474.00. The open interest of the contract stood at 2915 lots. The contract
for April delivery was trading at Rs 7322.00, down by 1.56 % or Rs 116.00
from its previous closing of Rs 7438.00. The open interest of the contract
stood at 7010 lots on NCDEX.

Soybean futures traded marginally lower on NCDEX as speculators
trimmed their positions, despite good demand from the oil millers after
hike duty on in edible oil imports. Meanwhile, soybean prices rose at
international markets, buoyed by dry weather in Argentina and strong US
demand. The contract for December delivery was trading at Rs 3071.00,
down by 0.1% or Rs 3.00 from its previous closing of Rs 3074.00. The open
interest of the contract stood at 86050 lots. The contract for January
delivery was trading at Rs 3135.00, down by 0.1% or Rs 3.00 from its
previous closing of Rs 3138.00. The open interest of the contract stood at
211710 lots on NCDEX.

Economic News

Agriculture experts today made a case for providing income security to
farmers at pre-Budget consultations with Finance Minister Arun
Jaitley. Agriculture provides employment to 48.9 per cent of the total work
force in India although their contribution to the GDP is less than 20 per
cent. According to Consortium of Indian Farmers Association (CIFA) Secretary
General B Dasaratha Rami Reddy, there is a need for Income Security Act for
farmers, tenant farmers and farm labourers. "The median income of farmers
in 2012 was about Rs 1,600 per month, which is meagre to sustain... Hence,
the farming community of India demands Income Security Act for farmers as
well as tenant and farm labours," he said after the meeting. This was the first
pre-Budget meeting with stakeholders and more such discussions will take
place in the coming days with other sectors and stakeholders. The Union
Budget 2018-19 is likely to be presented in Parliament on February 1.

Trade
body Indian Sugar Mills Association (ISMA) has projected increase in
sugar off take and improvement in market sentiments in next few weeks as it
believes that the government has decided not to continue with stock holding
limit on traders beyond December 31. A release from the trade body said,
"Sugar season 2017-18 SS started with an opening balance of around 38.76 lac
tonnes, which is the lowest ever in the last several years. With an anticipated
normal sugar production of about 251 lac tonnes and imports of about 2.85
lac tonnes (of whites equivalent), the total availability of sugar in the current
season is estimated at 292.61 lac tonnes. Against this, domestic consumption
of sugar is estimated at around 250-252 lac tonnes (growth of around 2.5%).
As such, the closing balance on 30th September 2018, is expected to be about
40-42 lac tonnes i.e. almost equal to the opening balance of this year.“

Trading Recommendations

BUY CORIANDER DEC ABOVE 5420 TARGET 5450 5490 5540 SL BELOW 5370
SELL TURMERIC DEC BELOW 7260 TARGET 7230 7190 7140 SL ABOVE 7310
BUY GUARGUM5 DEC ABOVE 8750 TARGET 8780 8820 8870 SL 8700

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This release was published on openPR.