Friday, March 14, 2014
Market Overview
Oilseeds markets shown divergent trend.
Soybean futures recovered on bargain hunting
and tightness in physical market. Delivary period
is going on and front month March contract is
traded in premium and further tightness is
expected. Seed quality beans are in extreme
scare supply. Bias is mild positive. RM seed
edged
lower
as
arrivals
increased.
If
temperature rises above 35 degree and stay
above 30, arrivals may rise. Crop damage story
is now losing momentum subject to no further
hailstorms. Soy oil ruled choppy and random.
Castor market lost early gains and closed lower
as arrivals increased.
Turmeric futures extended loses due to inferior
quality turmeric arrivals pressure in Nizam and
erode. Moisture is high. Sangli based punters are
bearish. Coriander market also ruled weak as
arrivals increased in Saurasthra and hedgers and
dhania mills are active sellers. Masala makers’
bulk users are waiting for better bargain. Jeera
market recovered on short covering. Hedgers
are also front running the market to set up
Imperfect hedge of remat to demat.
Kapas futures extended losses on persistent
selling. Arrivals are likely to increase in short
staple V 797, the basis variety of Kapas futures
which had prompted hedge selling by ginners
and
arbitragers.
Well
supplied
market.
Cottonseed market also looks wobbly.
Chana futures tanked as arrivals soared in many
centers and speculative length curtailed by Prop
desk and retail punters. Chana arrivals soared in
Akola, Rajkot, Bikaner and various mandies in
Indore. Overall it’s a hedge story and we expect
chana market to offer 3% plus cash-carry badla
in remat-demat mode. Guar market posted
smart gains. Arrivals may decrease due to
coming holi festival in Rajasthan and North
Gujarat.
Commodity
Chana
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Price
3281
6798
10595
4262.5
730
3487
594.2
2990
1685
836
4255
1182.1
%
Change
-0.46%
-1.79%
-0.28%
1.39%
0.07%
-0.46%
-0.80%
1.67%
0.60%
-4.30%
-0.16%
0.26%
Chart of the Day: Chana
As shown, NCDEX Chana after making a short term
high near Rs. 3416, reversed sharply and is trading
close to Rs.3280 level. Even though the trend is still
up, correction could take the prices towards next
major support at 3235 level. For the day, selling near
3330 is advisable for the target of 3235 level
1
Please refer to disclaimer at the end of the report.