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DAILY AGRI COMMODITY REPORT 02 December 2016

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Market Views MONT H

OPEN

HIGH

CLOS E

LOW

% CHG

VOL

MONT H

OPEN

HIGH

7941

8120

7920

SUPPORT

SUPP.1

SUPP. 2

7962

7841

8083

PIVOT

INTRADAY LEVELS

8041 RESISTA NCE

RES. 1

RES. 2

8162

8241

2.24

1650

Coriander short term trend is bearish and May continue in coming days.

-

-

-

-

SUPPORT

SUPP. 1

SUPP. 2

-

-

7300

7388

7258

SUPPORT

SUPP.1

SUPP. 2

7296

7212

RES. 1

RES. 2

7426

7472

-

-

-

RES. 1

RES. 2

-

-

GUARGUM

7380

7342 RESISTA NCE

VOL

-

LEVELS

RESISTA NCE

PIVOT

INTRADA Y LEVELS

% CHG

PIVOT

INTRADAY

TURMERIC

DEC

CLOS E

CASTORSEED

CORIANDER

DEC

LOW

1.74

1685

Turmeric short term trend is bearish and May continue in coming days.

DEC

6397

6505

6390

SUPPORT

SUPP. 1

SUPP. 2

6374

6324

6423

PIVOT

INTRADAY LEVELS

6439

RESISTA NCE

RES. 1

RES. 2

6489

6554

1.07

6985

Guargum short term trend is bearish and May continue in coming days.

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Most Active Contract NCDEX INDICES TOP GAINERS Symbol

Expiry Date

Current Price

Change

Change %

CORIANDER

20-12-2016

8094.00

209.00

2.65%

COTTON SEED OIL CAKE AKOLA

20-12-2016

1965.00

5.00

0.26%

REF SOYA OIL

20-12-2016

727.40

5.70

0.79%

SOY BEAN

20-12-2016

3122.00

10.00

0.32%

Index

Value

Pre. Close

% Change

Castorseed

-

-

-

Chana

-

-

-

Coriander

8083

7906

2.24

Guargum5MT

6360

6292

1.08

Jeera

18615

18370

1.33

TOP LOSERS Symbol

Expiry Date

Current Price

Change

Change %

RAPESEED-MUSTARD SEED

20-12-2016

4800.00

-29.00

-0.60%

Mustard seed

4790

4834

-0.91

MAIZE FEED/INDUSTRIAL GRADE

20-12-2016

1434.00

-3.00

-0.21%

Soybean

3112

3116

-0.13

WHEAT

20-12-2016

2022.00

-4.00

-0.20%

Turmeric

7380

7254

1.74

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Commodities In News  Soyabean futures edged higher on NCDEX after speculators raised their bets on strong demand for oil and meal due to positive crushing margin. However, some gains were capped by improving arrivals in the physical market and expectations that the peak arrivals will be observed during the month of December. The contract for December delivery was trading at Rs 3133, up by 0.55% or Rs 17.00 from its previous closing of Rs 3116. The open interest of the contract stood at 112120 lots. The contract for January delivery was trading at Rs 3200, up by 0.57% or Rs 18.00 from its previous close of Rs 3182. The open interest of the contract stood at 78890 lots on NCDEX.  Coriander futures traded higher on NCDEX as participants built up fresh positions on the back of pickup in demand in the spot market. Besides, tight stock positions following limited supply from major producing belts also fuelled the uptrend. The contract for December delivery was trading at Rs 7960.00, up by 0.68% or Rs 54.00 from its previous closing of Rs 7906.00. The open interest of the contract stood at 5350 lots. The contract for January delivery was trading at Rs 8032.00, up by 0.31% or Rs 25.00 from its previous closing of Rs 8007.00. The open interest of the contract stood at 3940 lots on NCDEX.  Turmeric futures edged higher on NCDEX on receipt of some fresh demand from North India, Further, expectation of heavy rains in the Turmeric growing areas of Tamil Nadu, Andhra Pradesh and Telengana too fuelled the uptrend. The contract for December delivery was trading at Rs 7278, up by 0.33% or Rs 24 from its previous closing of Rs 7254. The open interest of the contract stood at 7180 lots. The contract for April delivery was trading at Rs 6970, up by 0.52% or Rs 36 from its previous closing of Rs 6934. The open interest of the contract stood at 6800 lots on NCDEX.

ECONOMIC NEWS 

In a bid to boost export of seeds, the union government has added 42 new seed varieties to the Organisation for Economic Co-operation and Development (OECD) list after receiving recommendations from the industry taking the total number of registered varieties to 190 and 24 crops, said a top official of union ministry of agriculture. OECD is a group of 35 countries which has set up standards for seed development and the same can be traded among the member countries. Rajesh Kumar Singh, joint secretary with the Ministry of Agriculture and Farmers Welfare, said, "We have accepted the recommendation of adding new varieties to the OECD list and have added 42 new varieties subject to fulfilling of criteria. As of now, about 190 varieties and 24 crops have already been registered." "Inclusion of more varieties in this list will allow Indian companies to boost exports as it opens up a huge export market," said Singh. 

Given the deficit situation in the domestic and international markets, the sugar prices are expected to remain firm in the near term, says an ICRABSE -0.66 % report. This, coupled with the moderate cane prices seen for the current sugar year across most states, augurs well for profitability in the near-term. Sabyasachi Majumdar, Head, Corporate Ratings, ICRA, said, “With recent Government estimates pegging sugar production at a 10% lower level as compared to last year, sugar prices are likely to remain firm over the three to four quarters. This apart, moderate cane price hikes effected in most states, notably UP, bode well for the industry profitability outlook in the short term.” Domestic sugar prices have remained firm, having increased from around Rs. 31,500/MT in March 2016 to Rs. 36,000/MT in August 2016. After remaining stable at Rs. 36,000/MT in September, 2016, the surge in prices continued in October 2016, with prices reaching their highest level of Rs 36,200/MT in the last five years. The prices continued to remain healthy in November 2016 at Rs 35,500/MT, albeit a marginal dip, following the demonetisation announcement.

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Technical Outlook

BUY CORIANDER DEC ABOVE 8125 TARGET 8175 8235 8305 SL BELOW 8095

BUY GUARGUM5 DEC ABOVE 6440 TARGET 6490 6550 6600 SL BELOW 6390

BUY TURMERIC DEC ABOVE 7388 TARGET 7443 7483 7533 SL BELOW 7340

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Daily agri commodity report by epic research of 2 december 2016