Cotton on MCX settled down by -1.46% at 20310 amid increase in arrivals and stagnant demand. Domestic market arrivals reached 200,000 bales per day for the first time in current cotton season. The arrivals include 55,000 Maharashtra, 50,000 Gujarat and over 40,000 from Andhra Pradesh and Telangana.

Meanwhile, arrivals in the remaining days of January and February would determine the physical market trend in forthcoming days. Market arrivals of cotton in the first three months of the 2017-18 marketing season starting October are higher by around 43% over corresponding last year. India cotton traders cancel export deals due to higher local prices and country could export only 5 million bales, each of 170kg, in the 2017/18 marketing year started on 1 October—nearly a quarter below an initial estimate.

The USDA on Friday reported exports of 289,900 running bales for the week ended Jan. 11, a marketing-year high, which were up 3% from the previous week and 27% from the prior 4-week average. USDA Cotton Ginnings report showed 17.43 million RB had been ginned as of January 15 which was a 1.277 million RB jump since Jan 1, and is 17% larger than this time last year.

The Cotton Corporation of India (CCI) purchased nearly 485,000 bales cotton at minimum support price (MSP) fixed by government as prices are ruling firm, said sources. Technically market is under long liquidation as market has witnessed drop in open interest by -36.15% to settled at 2550 while prices down -300 rupees, now Cotton is getting support at 20174 and below same could see a test of 20037 level, And resistance is now likely to be seen at 20534, a move above could see prices testing 20757.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Cardamom on MCX settled down by -0.11% at 1137.5 amid higher arrivals at auctions held in Kerala and Tamil Nadu. Total arrivals last week were up at 892 tonnes last week from 707 tonnes the previous week. The individual auction average has moved up to Rs. 936.32 a kg last week from Rs. 906.32 the previous week.

Depleting inventories in the upcountry markets coupled with buying support from consuming centres could be attributed to the rise in demand. Added to this, the current season’s peak harvesting time is over and hence there exists a fear about squeeze in availability of quality material in the coming days. The auction average was at around Rs. 950 a kg as against Rs. 932 the previous week.

Exporters were also active and said to have bought an estimated 130 tonnes last week. The individual auction average vacillated between Rs. 912 a kg and Rs. 955 a kg last week. Total arrivals during the current season as on December 23 were at 12,760 tonnes and sales were at 12,505 tonnes. The individual auction average of the season was at Rs. 959.96 a kg.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.6% to settled at 412 while prices down -1.2 rupees, now Cardamom is getting support at 1132.6 and below same could see a test of 1127.8 level, And resistance is now likely to be seen at 1144.7, a move above could see prices testing 1152.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Jeera on NCDEX settled up by 0.21% at 16475 on short covering after prices dropped amid reports of rising arrivals of new crop supplies in the producing markets of Gujarat. Jeera sowing in Gujarat jumped to 382,600 hectare until January 15 from 286,030 hectare a year ago. New crop of jeera has started trickling in the benchmark market of Unjha in Gujarat from last week.

100-150 bags (1 bag = 55 kg) of the new crop arrived in the market and was sold at 20,200-20,500 rupees per 100 kg. The old crop is available at 20,700 rupees. The new crop arrivals are from Saurashtra, and the Gondal region in Gujarat. Arrivals of jeera are likely to gather pace by the end of February, the peak arrival season, after which daily average supply will be likely at 25,000-30,000 bags.

In March, when arrivals peak, prices of jeera are likely to decline to 17,000-18,000 rupees per 100 kg. According to traders' estimate, the country's jeera output during 2017-18 (Oct-Sep) is seen rising 30% on year to 6.5 mln bags due to a sharp rise in acreage as farmers were lured by higher prices last season. India is likely to have exported a little over 102,000 tn of jeera in Apr-Dec, a 12% on-year rise, as political unrest in Syria and waning stocks in Turkey kept these two traditional competitors on the sidelines.

In Unjha, a key spot market in Gujarat, jeera edged down by -265.4 Rupees to end at 19850 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 1.86% to settled at 10038 while prices up 35 rupees, now Jeera is getting support at 16410 and below same could see a test of 16345 level, And resistance is now likely to be seen at 16530, a move above could see prices testing 16585.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Turmeric on NCDEX settled down by -1% at 7326 tracking weakness in spot demand amid lower exports and increased supply from government auctions. However, expectation of improvement in country's demands for new season crop trimmed further losses. Not much of demand is emerging in Turmeric as supplies are about to increase.

New crop arrivals are increasing and prices are witnessing a lean patch now. The demand from the stockists is likely to be thin in coming days. Fresh crop supplies are expected to be higher in the coming days and higher moisture content may impact buying activities. Spot turmeric prices showed a mixed trend amid limited sales at Erode markets.

There are limited quantity of Mysore variety and the turmeric buying season will commence from February when the arrival of new crop hits the yards and prices will improve. All the traders are awaiting North Indian orders. Around 2,300 bags arrived for sale. The finger turmeric lost Rs. 500 a quintal, while root turmeric gained Rs. 400. At the Regulated Marketing Committee, the finger variety fetched Rs. 6,309-7,361 a quintal; root variety was sold at Rs. 5,669-6,811.

Of the 185 bags on offer, only 79 were sold. New crop would commence by the end of this month and expectations of selling by the AP Markfed. AP Markfed had purchased nearly 48,500 ton turmeric under market intervention scheme. In Nizamabad, a major spot market in AP, the price ended at 7560 Rupees remains unchanged at0 Rupees.

Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 10690 while prices down -74 rupees, now Turmeric is getting support at 7260 and below same could see a test of 7194 level, And resistance is now likely to be seen at 7422, a move above could see prices testing 7518.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Mustard Seed on NCDEX settled down by -0.61% at 4071 as pressure seen as new season mustard has commenced in Rajasthan while in Madhya Pradesh it will start from the first week of February. Currently, mustard futures are trading near its MSP on reports good sowing progress and expectation of higher yield due to favorable weather conditions and steady demand from oil mills.

India 2017-18 mustard seed output expected to fall by 10% on lower acreage and moisture stress. However, the current wet spell in mustard seed growing states may improve yield. No doubt current spell of rains were beneficial for the standing mustard crop and increase the yield but output is seen lower than last year, said Babu Lal Data, President Mustard Oil Producers Association (MOPA).

Last year mustard seed output was 6.7 million ton which may come down to nearly six million ton this year. Mustard seed sowing decreased 5% to 6.66 million hectares due to patchy rains during 2017 southwest monsoon and lack of moisture at the time of sowing. Late withdrawal of monsoon from Rajasthan and lack of sufficient rains during September hit the sowing operations in Rajasthan, the largest producing state.

During 2016-17 mustard seed was planted on 7 million hectare. Mustard sowing in Rajasthan fell 2.1 million hectares from 2.8 million hectare, agriculture ministry data showed. In Uttar Pradesh, the sowing stood marginally up at 1.21 million hectare a year ago. In Alwar spot market in Rajasthan the prices remains unchanged by 0 Rupees to end at 3973.5 Rupees per 100 kg.

Technically market is under fresh selling as market has witnessed gain in open interest by 3.72% to settled at 39290 while prices down -25 rupees, now Rmseed is getting support at 4053 and below same could see a test of 4035 level, And resistance is now likely to be seen at 4095, a move above could see prices testing 4119.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Crude palm Oil on MCX settled up by 0.61% at 562.5 on reports of lower supply and demand hope. Data released by Southern Palm Oil Millers Association (SPPOMA) showed Malaysian palm oil output during Jan 1-20 dropped by 14% on lower fruits and branches. Industry experts believe that palm oil production is expected to decline from March onwards which would limit significant growth in stocks.

Increasing imports by Indian trader from Malaysia during first 20 days of January also kept CPO prices down by fuelling higher stockpiles situation. India's palm oil imports from Malaysia during Jan 1-20 climbed by 48.73% to 130,710 tons compared to 87,880 tons in the same period a year ago, data released by DowJones citing Intertek showed.

Indonesia's crude palm oil (CPO) exports in December likely edged lower because of lower demand after an import tax hike started on edible oils in India, Indonesia's biggest CPO importer, while output fell for a second month. Exports of CPO from Indonesia, the world's biggest palm oil producer, fell slightly to 2.51 million tonnes in December from 2.52 million in November.

Shipments of the widely used vegetable oil are likely to decline after the import tax hike in India along with competition from Malaysia after it cut its palm oil export levy. Malaysia cut its CPO export tax in December and said earlier this month it would suspend the export tax for three months starting from Jan 8.

Technically market is under short covering as market has witnessed drop in open interest by -2.67% to settled at 3530 while prices up 3.4 rupees, now CPO is getting support at 559 and below same could see a test of 555.4 level, And resistance is now likely to be seen at 564.8, a move above could see prices testing 567.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717


Ref.Soyaoil on NCDEX settled up by 0.72% at 744.5 tracking firmness in spot demand and overseas prices. According to data released by the Solvent Extractors' Association (SEA), India's edible oil imports fell 10% on year to 10.6 lakh tonnes in December due to a sharp hike in import duty. Soyoil imports were down by 66% in December to 79,250 tonnes compared to 2.32 lt last year.

Moreover, government has increased the base import price of crude soy oil by $14 per tonnes to $827 for the second half of Jan. The government revises base import prices every fortnight based on global prices and changes in foreign exchange rate. Prices were last revised on Dec 30. According to National Oilseed Processors Association (NOPA), U.S. soybean crush rose to record in December to 166.382 million bushels from 163.546 million bushels in November 2017.

Crush of soybean in December 2016 was 160.176 million bushels. Soy oil stocks in U.S. at the end of December rose 16 percent to 1.538 billion lbs compared to 1.326 billion lbs in end November 2017. Stocks of soy oil in end December was higher 7.25 percent compared to December 2016, which was reported at 1.434 million lbs.

According to National Oilseed Processors Association (NOPA), U.S. December soybean crush rose 3.87 percent to a record level of 166.382 million bushels from 160.176 million bushels in December 2016 amid record large stockpiles of soybean. At the Indore spot market in Madhya Pradesh, soyoil was steady at 730 Rupees per 10 kgs.

Technically market is under short covering as market has witnessed drop in open interest by -0.07% to settled at 40530 while prices up 5.35 rupees, now Ref.Soya oil is getting support at 739 and below same could see a test of 734 level, And resistance is now likely to be seen at 747, a move above could see prices testing 750.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
OlderStories Home