Wednesday, February 05, 2014
Market Overview
Commodity
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
Feb
Apr
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Price
2844
7420
11832.5
3903
679.85
3297
533.5
2666
1631
794
4083
1092.8
%
Change
1.03%
1.06%
0.04%
1.25%
-0.09%
0.30%
-0.04%
0.08%
-0.12%
-4.30%
0.42%
3.75%
Bull run continued in turmeric while coriander
closed marginally lower. Jeera ended its losing
streak and closed in plus column. This is jeera’s
biggest slump since 2009. Prices peaked at
17700 in 2009 and since then dropped to 11700.
Coriander is trading erratic Physical market is
tight. Inventory is lowest in recent history. New
crop is also seen damaged and lower. Perfect
storm conditions are set up in dhania.
Cardamom plummets on active trade selling.
Rally proved short-lived.
Soybean posted handsome gains and market
may extend rally thanks to buoyancy in CBOT.
Arrivals in domestic markets are thin suggested
tight inventory and its sellers market. CBT soy
meal surge past key resistance at 439 and
quoted around 448, up almost 28 USD from last
week low. CBT bean jumped almost 30 cents to
1319, next tgt 1339. Feb soya may test 4000-
4200 in coming days. RM seed and castor seed
futures stabilized. But soy remain star
performer. Soy oil and CPO ruled steady.
Cotton market continued to generate whipsaws.
Its fight between seller’s reluctance to sdell and
exporters reluctant to buy. Raw cotton inventory
is high but cotton inventory is low due to slow
pace in ginning and disparity in eco chain.
Cotton cake ruled steady. Kapas recovered from
977 to 986. Bargain hunters were active.
Chana future recovered on mild short covering
and some bulls went on buying as prices looks
great bargain after almost Rs 500 fall. NCDX
April chana settled at Rs 3012, up rs 29. A guar
and gum future also posted smart rebound as
inventory with stokes is less and farmers
inventory is high but it is in strong hand.
Chana
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Chart of the Day: Turmeric
As shown on the 240 minutes chart above, NCDEX
Turmeric price has been in an uptrend since the past
one month forming higher tops and higher bottoms.
The price now has immediate trend line support at
7280 level followed by horizontal support at 7200
level. The short-term trend thus continues to look
positive and an upside move towards 7750 level
could be expected
1
Please refer to disclaimer at the end of the report.