Monday, September 23, 2013
Market Overview
Commodity
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
Oct
Nov
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Nov
Sept
Oct
Oct
Price
2995
5544
4580
13082.5
3384.5
670.6
3489
529.5
2961
1572
876.9
3495
800
October soybean declined 1.5% over the weekend
to close at 3400.50. Soy oil declined over 1.5% to
close at 653.45. CPO rose 0.6% to close at 519.30.
Mustard seed declined 1.75% over the weekend to
close at 3489. Castor seed rose 0.25% over the
weekend to close at 3631.
Concerns regarding health of the standing crop in
soybean that had been driving the market
throughout August have eased considerably. Despite
that, certain sections of the market believe that
yields could be lower than average. More declines
may be seen in the medium term as arrival pressure
builds up over next month. Castor seed may remain
supported around 3560 for the time being.
October Guar seed hit 4% lower circuit limit each on
Friday as well as Saturday. Overall loss for the week
stood at 12.67% as last week’s close was at 7420.
Further declines may be seen over time as rally was
sentiment driven, not supported by fundamentals.
Besides, we are facing a large crop aided by higher
acreage.
October Chana declined another 0.4% over the
weekend to close at 3043. Chana market itself is
well supplied, but prices have been supported since
it is close to MSP (of 3000) and because it is
presently cheapest among other pulses that may be
substituted by the consumers. In the immediate
term, we expect the prices to decline to 3000. A
breach of 2990 may lead further to 2925.
October Jeera declined 1.3% over the weekend to
close at 13260. Chilli tested a high of 5654 on
Saturday, but partly declined to close at 5580,
gaining about 0.5% over the weekend. Coriander
declined 1.2% over the weekend as October
contract closed at 5684. Turmeric rose 1.7% over
the weekend as October contract closed at 4890.
%
Change
-0.03%
-0.14%
1.01%
-0.63%
-1.88%
-0.12%
0.14%
1.22%
1.13%
0.00%
-4.30%
-0.91%
-0.02%
Chana
Chilli
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Chart of the Day – Sugar
As shown on daily chart, NCDX sugar recovered
marginally from its low of 2916 which act as strong
support. Till prices holds above the same could see
pullback towards 2970. Buy should be the strategy
with protective stop loss below 2916
1
Please refer to disclaimer at the end of the report.