Monday, December 09, 2013
Market Overview
Commodity
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Nov
Dec
Mar
Price
2947
6856
4980
12342.5
3757.5
706.15
3727
564.7
2742
1663
845.4
4399
939.3
Castor seed futures set fresh 6 month high on fresh
speculative buying. Physical market is also catching
up with futures. Strong export demand and reports
of concentrated buying in cash markets fueled the
rally. Edible oil and seeds remained choppy amid
directionless trade. Among oil futures, CBT soy oil
edged higher due to firm close in BMD. Jan soy oil
settled marginally weak. CPO futures also ruled
weak amid ongoing recovery in rupee. Soybean
futures also edged lower. Overall, it’s a dull market
and path to least resistance is down in RM seed but
it castor, the path of least resistance is up.
Grains market is witnessing a grinding bear market.
Slow and steady decline seen in chana, and guar.
Both markets are saddled with high carry out. New
crop acreage in chana is just find and carry cost is
above 30 % which is adding to hedge selling
pressure. Guar looks a distinct bear market. Huge
inventory and quality is below par. Demand is too
weak. Wheat, barley and maize are thinly traded
and no longer a tradable products.
Jeera futures posted smart rebound. Strong export
numbers and dwindling arrivals and some bargain
hunting by exporters in cash markets induced short
covering bounce in Jeera. Dhania futures traded
choppy. Prolong consolidation in April dhania
indicates that wild move likely. Decisive break above
8400 could produce super spike while close below
7900 would signal end of bull market. Turmeric
posted a relief rally.
Cotton complex ruled buoyant after overnight rally
in NYBOT. Cotton cake futures also ruled bullish on
reserve selling and uptick in retail demand. Physical
cotton market looks weak as some MNC are active
seller in far month OTC forwards. S 6 March forward
is quoted around 40300-40400 while Spot market is
quoted around 39000. January forward cotton is
quoted around 38600. Kapas futures settled at 934.
%
Change
-0.2%
3.28%
0.00%
-0.52%
0.04%
0.68%
0.30%
-0.04%
0.48%
0.18%
-4.30%
1.69%
1.45%
Chana
Chilli
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Chart of the Day: Soybean
As shown on the daily chart, NCDEX Soybean is
moving in an upward sloping trend channel forming
higher highs and higher lows. Price has recently
tested channel support near 3720 and bounced. As
long as above 3720 (channel support), buying on
dips is advisable
1
Please refer to disclaimer at the end of the report.