NCDEX Chana to trade bullish for short term


Chana May contract is likely to trade positive for short term and bullish for intra day with short term support at 3900 and resistance at 4100. Intra day support is seen at 3950 and resistance at 4030.

A lower than expected Monsoon rainfall prediction by the IMD had a bullish impact on Chana rates as the sowing of Kharif Pulses like Tur, Urad and Moong are likely to get adversely affected. Higher imports and lower production possibilities could lead to further firmness in prices even as they find strong resistance near the 4000 levels.

At NCDEX Chana May contract rose 1.08% to 4010 level on Thursday(11.15am). According to Milan Shah, agri research analyst at commodity Online, Chana May contract is likely to trade positive for short term and bullish for intra day with short term support at 3900 and resistance at 4100. Intra day support is seen at 3950 and resistance at 4030.

As per 2nd Advance Estimates for 2014-15, total foodgrains production in India is estimated at 257.07 million tons– lower by 3% w.r.t. 265.57 million tons previous year. Production of pulses estimated at 18.43 million tonnes is lower by 1.35 million tonnes than the last year’s production.

Chana production estimated at 8.28 million tons vs 9.53 million tons last year. Urad production expected to shrink by 5% to 16.10 lakh tons from 17 lakh tons. Moong production to fall to 14 lakh tons from 16.10 lakh tons.

In order to keep prices for Pulses under check, the Govt has decided to extent duty-free imports till Sept. Unseasonal rain in March brought a heavy loss to crops of pulses.

Indian farmers have cultivated 146 lakh hectares pulse crops during the rabi season. Out of this chana acreage is near 85 lakh hectares. Pules production is estimated to fall to 184.3 lakh tons in 2014-15 due to less acreage. Last year 197.8 lakh tons of pulses were produced in the country.

DAILY NCDEX REPORT FOR 01 JULY 2015

NCDEX Turmeric to trade bearish for short term

Short term support for NCDEX Turmeric June contract is seen at 6400 and resistance at 7600. Intra day support is seen at 7000 and resistance at 7100.   Turmeric prices kept trading near the strong psychological support of 7000. The uptrend was limited due to the above normal rains in growing states of AP and TN. However prospects of Monsoon weakening in July is supporting the market sentiments as any adverse report on the weather front would adversely affect the sowing of the new crop. 

Milan Shah, agri research analyst at commodity Online, said NCDEX Turmeric July contract is likely to trade bearish for short term and side ways for intra day. Short term support for NCDEX Turmeric June contract is seen at 6400 and resistance at 7600. Intra day support is seen at 7000 and resistance at 7100.

NCDEX Turmeric July contract was moving up by 1.2 per cent to 7088 level at 11.04 am on Wednesday.

The sowing of the crop have picked up in June as rains in growing areas in Andhra Pradesh and Tamil Nadu keep possibilities of improved sowing. This is preventing strong recovery of prices as of now. But with prices having fallen a lot, some bounce back too is possible.

Turmeric slumps on favourable weather conditions

Fresh selling was seen in turmeric market due to limited demand by exporters and rainfall was reported in some parts of Andhra Pradesh and Karnataka.
Traders are expecting the total production in the range of 50-52 lakh bags in the previous year, down 20 lakh bags.
Sources also stated that around 64 lakh bags of total stocks have been reported in local mandies.

Bears tighten grip over NCDEX Turmeric futures

Bears tighten grip over NCDEX Turmeric futures

Short term support for NCDEX Turmeric July contract is seen at 6200 and resistance at 7600. Intra day support is seen at 6950 and resistance at 7060.

The sowing of the Turmeric crop is expected to pick up gradually as rains in growing areas in Andhra Pradesh and Tamil Nadu kept possibilities of improved sowing. This is keeping sentiments weak for the counter in the near term. But with prices having fallen a lot, some bounce back too is possible.

NCDEX Turmeric July contract was moving down by -0.55 per cent to 6926 level at 11.20 am on Tuesday.

Milan Shah, agri research analyst at commodity Online, said NCDEX Turmeric July contract is likely to trade bearish for short term and side ways for intra day. Short term support for NCDEX Turmeric July contract is seen at 6200 and resistance at 7600. Intra day support is seen at 6950 and resistance at 7060. Prices have fallen a lot. But improved Monsoon reports amidst expectations of improved sowing in coming days prevented any strong recovery for the counter. 

Turmeric has been maintaining a lower range since past few weeks in response to the recent IMD forecast of monsoons to progress satisfactorily during next few weeks has kept sentiments on the dismal side.

Monsoon in July critical for Indian agri market trends

Monsoon in July critical for Indian agri market trends

Satisfactory progress of Monsoon keeps trend moderately weak for the Agri commodities over last few days. However, with apprehensions of Monsoon getting weak in July, it may support the market sentiments to some extent. 
Prices for most Agri commodities are trading at very low levels. Some recovery from here is not ruled out.

Sowing for the kharif crops are however reported to be progressing satisfactorily as overall rains remain above normal in June. The month of July too remains critical for the sowing aspects. 

MCX NCDEX TIPS DAILY REPORT FOR 25 JUNE 2015

NCDEX launches 'Gold Now' platform for forward trade 

National Commodity and Derivatives Exchange (NCDEX) on Thursday launched 'Gold Now' platform, an online market for buying and selling gold. 

The platform, which has been launched with a focus to reduce dependence on imports, will accept gold recycled in exchange-approved refineries, NCDEX chairman Samir Shah said. 

NCDEX will also launch forward contracts within six months for gold coins in 5 gm, 10 gm and 50 gm denominations to be traded at the platform. 

The delivery unit of the contract is 100 gm and 1 kg. The contract will have six delivery centres - Delhi, Mumbai, Ahmedabad, Hyderabad, Cochin and Chennai. Currently, the contract has Delhi as delivery centre, with the exchange adding one centre every week. 
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The Gold Now platform will complement the government's gold monetisation scheme and 'Make in India' plan.

"Approximately 20,000 tonnes of gold is estimated to be lying with Indian households, temples and trusts. ..