Gold Silver Reports — Turmeric futures (July) is expected to trade with an upside bias & there is possibility that it can test 8300-8350 levels. Spot turmeric prices increased at Erode markets as some traders have received a few upcountry orders. Of the 5,000 bags arrived for sale, traders purchased all the medium and fine variety turmeric.
The finger variety gained Rs.125 a quintal and the root variety Rs.100.At the Erode Turmeric Merchants Association, the finger variety was sold at Rs.7,645-9,200 a quintal; the root variety Rs.7,345-8,366. Of the 875 bags offered, 430 were sold.
Cardamom futures (July) is likely to trade sideways in the range of 810-835 levels. Currently, there is a lean period of supplies & the next harvest of the new crop is expected only by August. On the demand side, the market participants are expecting higher exports this season for the Ramadan festival with production reported lower in Guatemala.
Jeera futures (July) is looking bullish & can test 17200 levels. Spot cumin seed recorded strong gain of Rs 50/20kg for the second straight sessions on Tuesday supported by surge in domestic and exports demand. Exporters are buying as well for their overseas commitments was pipeline is almost empty there due to lower imports by consuming countries last year due to depreciation in their currency followed by higher cumin seed rates.
Coriander futures (July) is likely to trade with a downside bias in the range of 6875-7030 levels. The sentiments are bearish due to slow local and upcountry buying amid higher availability.
Soybean futures (July) may take an attempt to break the support near 3845 levels & fall further towards 3800 levels. It is reported that India is steadily making an exit from the $70-bn oil meals markets, due to non-availability of seeds for crushing and emergence of alternative supply sources on bumper oilseed crops there. Most of the mills have reduced their operating capacity to less than 50 per cent to reduce their losses which they incur currently at around Rs 1,000-1,500 for per tonne of seed crushing. On CBOT, U.S. soybeans edged higher for a third consecutive session on Wednesday as concerns about the risk from adverse weather on U.S. supplies continued to provide support. The most active soybeans futures on the Chicago Board Of Trade rose 0.66 percent to $11.48-3/4 a bushel, having firmed 0.26 percent on Tuesday.
Mustard futures (July) will possibly continue to trade higher & test 4600 levels, taking support near 4500 levels. The market participant’s traders are expecting demand for mustard seed and oil likely to pick up on monsoon arrival and ahead of Ramzaan festival. Further pickle industry buying is also likely to pick up from June-end onwards, which may led to increase in demand for mustard seed for crushing to obtain mustard oil.
Refined soy oil futures (July) is expected to trade with a negative bias & remain below 660 levels, while CPO futures (June) will probably fall towards 525 levels. Edible oils spot markets ruled weak tracking slack demand. The volume was thin as stockiest stayed away from fresh bulk buys. Indigenous edible oils gained on bullish reports from producing centres.
Mentha oil (June) may continue to trade with a bearish bias & test 840-835 levels. At present, the demand for mentha oil is dull as most buyers have turned sidelined. The new mentha oil supplieshaspickedandexpectedto rise sharply thisweek onwardsdue tobetter than last year crop. The major buyers are waiting & analyzing the market condition about supply-demand before bulk buying.
Sugar futures (July) might trade higher & test 3520 levels. Sugar prices extended gain at Vashi market by Rs.10-15 a quintal as producers sold the commodity higher by Rs.5-10. Tracking tight mill tender rates, naka prices also ruled firm. On the international market, ICE raw sugar climbs 3.0 pct to 2-1/2 year high of 19.31 cents per lb on tightening global supplies. Spot July raw sugar futures settled up 0.22 cent, or 1.2 percent, at 19 cents per lb, after trading from 18.26 cents to 19.14 cents. The move roughly followed the Brazilian real which was initially weak against the U.S. dollar before firming.
Chana futures (July) is expected to trade higher taking support near 6450 levels. Amid declining arrivals and strong buying support from the millers, chana prices in Indore mandis are hitting through the roof, with chana (kanta) rising to Rs.6,400 a quintal, while chana (desi) rose to Rs.6,350. Chana (Delhi) quoted at Rs.6,650-6,700. Chana dal ruled higher on rise in spot chana with chana dal (average) at Rs.7,650-7,750, chana dal (medium) at Rs.7,650-7,950, while chana dal (bold) ruled at Rs.8,000-8,050 a quintal. Dollar chanainlocalmandis ruledfirmatRs.9,000-9,400. — Neal Bhai Reports
