Monday, July 07, 2014
Market Overview
Commodity
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
NCDEX
MCX
Expiry
July
July
July
July
July
July
July
July
July
July
July
July
Price
2695
6346
11260
3978
693.65
3496
529.4
3028
1529
674.8
4306
1406.1
As per the latest release by SOPA, India's
Soybean meal exports in June plunged 98% YoY.
Exports were reported at just 2636 MT,
compared to 2.13 Lakh MT in June 2013. Poor
global demand of Soybean meal has led to lower
prices of meal, leading to disparity in crushing
margin and exports.
According to the latest weekly forecasts by IMD,
overall rainfall activity was deficient during last
week with central India 74% deficit rainfall from
the Long Period Average, reporting a fourth
straight week of poor rains after a delayed
onset.
Increasing stocks at exchange warehouses kept
Castor seed prices under pressure. However,
prices rebounded sharply from intraday lows as
lower-than-normal rainfall in top producing state
Gujarat stoked concerns about production which
has already fallen by 11% this year.
Chana futures ended at revised lower limits on
higher arrivals at major spot markets as supplies
picked up after government raided hoarders to
ease market concerns over possible supply
shortages.
Guar complex prices rose sharply on delayed
sowing of the commodity and reports of a
decline in guar acreage in major growing states
of Rajasthan and Haryana.
Soybean prices edged higher as weak monsoon
in Madhya Pradesh, largest soybean producing
state, has significantly delayed the sowing.
Tracking strong exports of Malaysian palm
products in June, we expect CPO prices to trade
firm in the near term.
%
Change
-3.99%
-1.55%
0.54%
0.40%
0.06%
0.23%
0.46%
-1.11%
0.00%
-4.30%
-1.44%
2.64%
Chana
Turmeric
Jeera
Soyabean
Soyoil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Castor Seed
Potato
Chart of the Day: CPO
Bias for MCX CPO remains sideways to up as long
as 519 is held on downside which acts as key
support. Immediate resistance is at 534 and
break above the same could target 540 – 545.
Buying is advisable, but our view could negate if
it break below 519.
1
Please refer to disclaimer at the end of the report.