Tuesday, June 04, 2013
Market Overview
Oilseeds futures bounced back due to renewed
buying in CBT and monsoon factor discounted by
markets. Immediate focus of market is availability of
soybean. Farmers and stockiest are hoarding
inventory and it takes something game changer
event like real monsoon or large scale sell off in CBT
can change market psychology.
Castor market attracted bargain hunting on dips.
Availability of castor in physical market is very poor
and export is very strong. We think tail end risk in
castor market is skewed to the upside. Tentative
range is 3100-3500. Bias is moderately bullish.
Spices complex ruled erratic to weak. Turmeric
futures extended losses on fresh bouts of selling as
monsoon is expected to commence in southern
states in coming few days. Turmeric may form a
bottom when actual rains start. It’s a buy on rumors
sell on facts kind of scenario. Market is well supplied
but current prices are not friendly for farmers
Dhania market is capped in 6500-7000 range. June
dhania settled marginally higher at 6595, up Rs.50 a
100 kgs. Jeera market regained lost gains and
closed with decent gains. Undercurrent looks
buoyant. Expected range is 12700-13300 basis
June. NCDEX Jun Jeera settled at Rs.13150, up 140
a 100 kgs
Cotton complex posted solid bounce. NY cotton
posted powerful rebound amid broader rebound in
commodities. Mills were selective buyers in quality
Sanaker cotton. Kapas futures ruled firm on active
trade buying. MCX June cotton traded firm at
18770, up Rs 170 a bale
Cotton cake futures also recovered on firm demand
from cash market. Ready availability is tight hence
FED material is also in good demand. MCX cotton
cake remained strongly bullish as several end users
are taking deliveries from MCX cotton. June NCDEX
cotton cake settled at Rs 1557, up Rs 11 a 100 kgs.
Expected range is 1539-1589
Chana market ruled firm on active trade buying.
Wheat futures also ruled steady to mild bullish. Guar
market ruled steady. NCDEX Jun chana settled at Rs
3188, up Rs 32 a 100 kgs. Expected range is 3140-
3280. Guar market ruled steady. Short term bottom
may be placed in guar
Commodity
Chana
Chilli
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
June
June
June
June
June
June
June
June
June
June
June
June
June
Price
3188
5660
5652
13150
3793
708.8
3483
484.1
3040
1601
957
3209
921.6
%
Change
1.24%
-0.25%
-1.84%
1.08%
2.15%
0.21%
0.40%
0.77%
0.66%
0.19%
-4.30%
0.79%
-0.36%
Chart of the Day – Cocud
NCDEX COCUD continues to make higher highs
and higher lows. As long as price sustains above
1500, buying on dips is advisable for the target
of 1611
1
Please refer to disclaimer at the end of the report.