Tuesday, April 15, 2014

Market Overview

Malaysian palm oil futures rose to their highest

in more than a week yesterday, lifted by strong

crude and soy oil markets overseas, and on

investor

anticipation

that

festival-driven

consumption will stoke demand for the tropical

oil.

India plans to expand its farmland under

irrigation by at least a tenth in the next three

years, potentially boosting grains output by an

equal proportion in the world's second-biggest

rice and wheat producer

Soy oil and seed prices lost buying momentum

as bullish USDA data totally discounted by

market. El Niño story is also losing appeal. RM

seed ruled steady. CPO extended losses amid

surprising yield recovery which has allayed

supply fears. Castor remained steady but

undertone is nervous.

Bloodbath seen in kapas and cotton. Market still

looks bearish.

Coriander futures lost previous gains and

tumbled. Market fail to hold above 9880 and

may test 9280-9330. Its tug of war between

large powerful prop desk and equally powerful

hedgers. Supply squeeze story is losing appeal.

Massive crop in saurashtra would eventually

drag market down. Jeera market posted smart

rebound. Bargain buyers seen active. Market

may trade between 9800-10600. TMC futures

ruled steady. TMC market seems near bottom.

Chana market ruled weak. Cash market is very

weak. Akola cash chana is quoted around 2650.

Delhi chana is 2800 and Rajkot chana is 2700.

Cash carry arbitrage is very good.

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

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Price

3015

6252

9790

4465

711.35

3397

560.6

3191

1521

850

3952

1303.8

%

Change

0.03%

-0.10%

0.92%

-0.74%

-0.36%

0.00%

-0.69%

-0.42%

-0.39%

-4.30%

0.18%

0.68%

Chart of the Day: Ref Soy Oil

As shown, NCDEX RSO is moving in a downward

sloping trend channel and is trading close to the

channel breakout level. As long as above immediate

strong support near Rs.690/695 buying on dips is

advisable. Move above Rs.702.50/705 could target

Rs.711 once again

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Please refer to disclaimer at the end of the report.

Level Playing Sheet

Commodity

Exchange

NCDEX

NCDEX

NCDEX

NCDEX

NCDEX

NCDEX

MCX

NCDEX

NCDEX

MCX

NCDEX

MCX

NCDEX

Expiry

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Apr

Close

9790

6252

3015

4465

709

3397

557

3094

1521

850

3952

1304

9384

S2

9693

6119

2958

4325

706.8

3368

553.2

3065

1513

836

3853

1281.5

9237.3

S1

9742

6185

2987

4395

707.9

3382

555.1

3079

1517

843

3903

1292.7

9310.7

Pivot

9808

6237

3030

4435

709.7

3393

556.6

3090

1522

851

3936

1306.3

9375.3

R1

9857

6303

3059

4505

710.8

3407

558.5

3104

1526

858

3986

1317.5

9448.7

R2

9923

6355

3102

4544

712.6

3418

560.0

3115

1531

866

4019

1331.1

9513.3

Trend

Bearish

Flat

Bearish

Bullish

Bearish

Bearish

Bearish

Bearish

Bearish

Bearish

Flat

Bullish

Bearish

Conviction

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Moderate

Intraday Range

9718 - 9833

6211 - 6329

2973 - 3045

4415 - 4525

707.4 - 710.3

3388 - 3413

556 - 559

3085 - 3110

1515 - 1524

847 - 862

3920 - 4003

1287 - 1312

9343 - 9481

Jeera

Turmeric

Chana

Soybean

Soyoil

R M Seed

CPO

Sugar

Wheat

Mentha Oil

Castor Seed

Potato

Coriander

For any details contact:

Commodities Advisory Desk - +91 22 3958 3600

commoditiesresearch@motilaloswal.com

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