Gold Silver Reports — Turmeric-futures (May) is likely consolidate in the range of 8200-8400 levels with upside getting capped. Spot turmeric prices are decreasing daily due to negligible upcountry demand. In the last 10 days, the finger turmeric was down by Rs.1,000 a quintal and the root variety by Rs.450-500. Such drastic fall in price is due to the poor buying by North Indian traders.
Cardamom futures (May) is expected to consolidate in the range of 750-790 levels. Prevailing drought conditions and the consequent delay and decline in the next crop appears to have changed the market sentiment. All market participants of the spot markets were actively buying and that in turn has aided the price rise. Total arrivals during the season up to April 16 were at around 26,485 tonnes and sales were at 25,545 tonnes. The individual auction average, as on April 16, stood at Rs.600/kg.
Jeera futures (May) is likely to face resistance near 16600-16700 levels & may witness profit booking at from higher levels. At the spot markets of Unjha, the counter has dropped off from its four month highs amid lack of buying and improving supplies. The arrivals are picking up following seasonal trend and supplies are expected to be steady in near term.
Soybean futures (May) is expected to remain steady & may take support near 4180 levels. Soyabean traded higher on strong global cues and weak arrival with its price in the physical market being quoted at Rs.4,100 a quintal. Plant deliveries of soyabean ruled at Rs.4,100-50 a quintal (up Rs.50 from last week). On CBOT, U.S. soybeans rose for a second consecutive session on Wednesday to hit their highest in more than eight months, with adverse weather in South America stoking two-day gains of nearly 3.5 percent. The most active soybeans futures climbed 0.2 percent to $9.87- 1/2 a bushel, the highest since Aug. 11. Soybeans firmed 3.3 percent on Tuesday. Rains this month in Argentina slowed the soybean harvest and delayed export shipments, prompting some traders to extend long soybean bets.
Mustard futures (May) is expected to consolidate & trade sideways in the range of 4530-4630 levels. Additional Margin of 5 % on both the Long side and Short side is imposed on all running contracts and yet to be launched contracts with effect from April 13, 2016.
CPO futures (May) is likely to trade higher towards 580 levels. Edible oils ruled firm tracking firm futures despite need-based thin volume. Local refineries increased their rates for palmolein-soya refined oil by Rs.5/10 kg, while indigenous edible oils gained Rs.2-5 on back of firm reports from producing centres. Malaysian palm oil futures rose for a second trading day to a one-week high on Tuesday, tracking competing vegetable oils & closed at 2,688 ringgit ($692) per tonne.
Sugar futures (May) is likely to trade in the range of 3440-3660 levels with downside getting capped. Spot sugar prices shot up further by Rs.40-50 a quintal tracking firm naka and mill tender rates amid sharp jump on domestic futures. Lower production this year and fear about delay in starting of next crushing and likely lower output next season due to severe drought kept the sentiment bullish. Country’s sugar output fell by 8% to 24.34 million tonnes till April 15 of the current marketing year ending September, while exports stood at 1.35 million tonnes.
Chana futures (May) is expected to continue its bull run & test 5500 levels. A firm trend at spot market on upsurge in demand, restricted supplies from producing belts mainly pushed up chana prices at the spot markets. The retail prices of pulses have increased in the past two weeks. Amid weak arrival and higher demand in chana from ‘besan’ manufacturers, chana has been witnessing a rally for the past sometime with chana (kanta) at Rs.5,700-50 a quintal. Chana dal (average) traded at Rs.7,200 (up Rs.900 from last week), chana dal (medium) at Rs.7,300-7,400, while chana dal (bold) went for Rs.7,500-7,700. — Neal Bhai Reports