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Jeera Trand Sideways Intraday level 16200-16600

Jeera Trand Sideways Intraday level 16200-16600Turmeric futures (June) is likely to consolidate in the range of 7900-8000 levels. The price of the turmeric further decreased on Tuesday. Finger turmeric decreased by Rs.600 a quintal and the root variety by Rs.350 a quintal in the Erode Turmeric Merchants Association Sales yard. Also, in the Regulated Market Committee, finger turmeric decreased by Rs.600 aquintal and the root variety by Rs.400 a quintal. In other markets also, both varieties decreased by Rs.600 a quintal. At the Erode Turmeric Merchants Association Sales yard,finger turmeric sold at Rs.7,455 to Rs.8,609 a quintal and root variety at Rs.7,099 to Rs.8,099 a quintal.

Cardamom futures (June) is expected to trade with a downside bias &remain below 815 levels. Arrivals were at moderately higher levels but the upcountry buyers have slowed down. At the same time, the quality of the material arriving at the markets was inferior and that has aided the price decline. The individual auction average slipped by Rs.20/kg last week and fell below Rs.700. Total arrivals during the season up to May 28 were at around 30,042 tonnes and sales were at 28,930 tonnes. The individual auction average as on May 28 stood at Rs.611.65 a kg.

Jeera futures (June) is expected to trade sideways in the range of 16200-16600 levels. At the spot markets, the buyers are actively buying as they are aware of fact that supply will drop significantly in coming days. Farmers from next month onwards will remain busy in preparation of field for kharif sowing and hence supplies usually declines from June onwards. Cumin seed crop is lower this year and hence the downside may remain capped.

Soybean futures (June) is expected to decline further towards 3780 levels. At the spot markets, Soybean futures are largely pressured by weak demand in spot market for soybean meal, coupled with disparity in crushing. Soyabean quoted Rs.4,000-50 a quintal on weak physical demand and weak export and domestic demand in soyameal. Plant deliveries in soyabean was quoted at Rs.4,050 a quintal. Soyameal on the spot was quoted at Rs.34,500-35,000 a quintal. Given weak domestic stock,

any rise and fall in soyabean prices will depend upon monsoon rains.

Mustard futures(June) is expected to trade in the range of 4390-4450 levels. Mustard prices in India’s northern Rajasthan state including state capital Jaipur depicted a steady to easy trend. In Jaipur, Bharatpur and Kherli prices maintained their last close in listless trading. While, in Kota and Alwar prices moved down on subdued local demand.

CPO futures (June) might trade in the range of 525-535 levels & refined soy oil futures(June) may attempt to test 652 levels. Soya refined in Indore mandis today being quoted at Rs.640-42 (up Rs.10-12 from last week). Similarly, soya solvent also ruledhigher at Rs.605-10 (up Rs.10 from last week). Malaysian palm oil futures reverse dearly losses to close higher on the back of a weaker ringgit and a government announcement on raising biodiesel mandates. Both the programmes are expected tosoak up 709,000 tonnes of crude palm oil annually. The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,620 ringgit ($635) per tonne by the close of trade.

Chana futures (July) is likely to face resistance near 6200 levels & trade with a downside bias. In the current scenario, demand and trading volume in raw and processed chana are lower at the spot markets due to higher rates. Moreover, Stock limit slapped by government is acting as a deterrent for stockists and bulk buyers in storing chana. Onthe contrary, the downside may remain capped due to negligible stocks & lower crop. Moreover, the arrivals are not picking up from Madhya Pradesh & Rajasthan as expected.

Mentha oil (June) is expected to face resistance near 890 levels. The new supply of mentha has started in and around Barabanki market. The Buyers are sidelined and waiting for more clear direction which is likely once the daily supply picks up. Mentha oil may trade under pressure in the near term as supply in next 15 days likely to rise to around 1,000 drums.

Kapas futures (April) is likely to trade below 910 levels & the upside may remain capped tracking bearish cues from the international market. Cotton futures fell on Tuesday, after touching an over three-week high last week, weighed by a stronger dollar on increasing expectations of an imminent U.S. interest rate hike. Cotton contracts for July settled down 0.34 cent, or 0.53 percent, at 63.94 cents per lb. It traded within a range of 62.9 and 64.46 cents a lb. — Neal Bhai Reports

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