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Weekly agri report by epic research 25 aug 2014
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WEEKLY COMMODITY REPORT
25th AUGUST 2014
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WEEKLY WRAP UP
MONTH OPEN HIGH LOW CLOSE % CHG
OI (in
Lots)
VOL
DHANIYA
SEP 12250 12305 12150 12185 -0.90 5720
7080
INTRADAY
LEVELS
SUPPORT SUPP. 1
12122
SUPP. 2
12058
PIVOT
12213
RESISTANCE
RES. 1
12277
RES. 2
12368
Dhaniya short term trend is
down, and furthermore
down is expected in coming
days.
MONTH OPEN HIGH LOW CLOSE
%
CHANGE
OI (in
lots)
VOL
CASTORSEED
SEP 4313 4313 4250 4272 -1.45 30020
44750
INTRADAY
LEVELS
SUPPORT
SUPP. 1
4244
SUPP. 2
4215
PIVOT
4278
RESISTANCE
RES. 1
4307
RES. 2
4341
Castorseed Short term trend
is down. Price expected to go
down in coming days
.
SOYABEAN
OCT. 3400 3430 3383 3411 0.71 71380 61110
INTRADAY
LEVELS
SUPPORT
SUPP. 1
3379
SUPP. 2
3343
PIVOT
3433
RESISTANCE
RES. 1
3469
RES. 2
3523
Soyabean price is in down
trend and may continue in
upcoming days.
GUARGUM
OCT. 18420 18600 18020 18200 1.73 544 649
INTRADAY
LEVELS
SUPPORT
SUPP. 1
17460
SUPP. 2
17320
PIVOT
17730
RESISTANCE
RES. 1
17870
RES. 2
18140
Guargum Short term trend is
up, Expecting price may go
up in coming days.
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BUY DHANIYA SEP ABOVE 11970 TGTS 12070 ,12170 SL 11820
SELL DHANIYA SEP BELOW 11750 TGTS 11650,11550 SL 11900
WEEKLY RECOMMENDATIONS
DHANIYA (SEP.)
GUARGUM (OCT.)
GUARSEED (AUG.)
BUY GUARGUM OCT ABOVE 17800 TGTS 18000,18200 SL 17550
SELL GUARGUM OCT BELOW 17200 TGTS 17000 , 16800 SL 17450
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COMMODITIES IN NEWS
ECONOMIC NEWS
Crop plantings have picked up further over the past
week but remain lower than year-earlier levels, with
monsoon rain deficits alarming wide in the northern
bread-basket states. Average rainfall in this monsoon
season that started in June was 19% below what is con-
sidered normal based on a 50-year average. According to
data from the India Meteorological Department, 21 out
of the country's 36 subdivisions received normal rainfall
this season. But in Haryana and Punjab, the states con-
sidered as India's bread basket, rains were 63% and 62%
below normal, respectively. In West Uttar Pradesh, the
deficit was 54%, while it was 59% in the Marathwada
region and 53% in Telangana Strong rainfall in east and
south India helped rice plantings expand to 33.52 million
hectares from 33.38 million a year ago.
Officials however said sowing was slow in Maharashtra,
Assam and Andhra Pradesh. particularly in Gujarat, An-
dhra Pradesh and Tamil Nadu, at 16.83 million hectares,
compared with 18.31 million hectares a year earlier.
Area under pulses - pigeon pea, urad bean and moong
bean - has dropped, largely in Maharashtra, Karnataka
and Rajasthan.
SUGAR
Sugar prices were down by 0.33 per cent to Rs 3,040 per quintal in futures trade today
as speculators reduced positions on subdued demand from bulk consumers in the spot
market amid ample stock positions. At the National Commodity and Derivatives Ex-
change, sugar for delivery in October fell by Rs 10, or 0.33 per cent, to Rs 3,040 per
quintal with an open interest of 2,030 lots. The September contract shed Rs 2, or 0.07
per cent, to Rs 3,036 per
GUARGUM
Guar gum prices declined by Rs 470 to Rs 17,650 per quintal in futures trading today as
speculators trimmed positions in tune with weak export and domestic spot de-
mand.Market men said participants offloaded positions amid weak cues from global
markets. Besides, increased supply of guar seed from growing belts amid slackness in
demand of guar gum at physical markets too weighed onprices, they added. At the Na-
tional Commodity and Derivatives Exchange counter, guar gum prices for October con-
tract slipped by Rs 470, or 2.59 per cent, to Rs 17,650 per quintal,
REF. SOYA OIL
Refined soya oil prices declined 0.66 per cent to Rs 621.25 per 10 kg in futures trading
today as speculators reduced positions amid sluggish demand in the spot market. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in Sep-
tember fell by Rs 4.15, or 0.66 per cent, to Rs 621.25 per 10 kg with an open interest of
95,785 lots. The October contract shed Rs 2.20, or 0.38 per cent, to Rs 584.40 per 10 kg
in 87,720 lots. Analysts said offloading of positions by speculators due to subdued de-
mand in the spot market against adequate stocks position mainly led to the fall in re-
fined soya oil prices at futures trade.
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NEWS RECAP
COMMODITY HEADLINES
Rupee hits 3-week high on debt-related dollar inflows
Cabinet cuts onion export price by 30 pct
RBI launches inflation expectations survey for July-Sept quarter
Area Under Kharif Oilseeds Down Almost 8.20% As On 31 July 2014
Govt raises sugar import duty to 25% from 15%
U.K. Markit House Price Sentiment Rises At Slowest Pace In 5 Months
Groundnut exports jump 50% in April-July: IOPEPC
Chana Futures Slumps On Better Kharif Pulses Condition
INDIA'S CONFERENCE BOARD LEADING INDEX SNAPS RISING STREAK
US Jobless Claims Decrease
Kharif sowing picks up further, but rain worries still there
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CHANA
Chana futures witnessed profit booking from higher levels due to recovery in kharif pulses sowing along with heavy stock po-
sition in local mandies. The NCDEX futures declined by 1.38 % today. The market sources suggested that favourable rainfall
in Maharashtra and Madhya Pradesh will improve kharif crop conditions and also facilitate better sowing conditions for chana
crop. However, kharif pulses sowing acreage is still reported lower as compared to previous year as total acreage was seen at
8.98 million hectares, down 10 percent as on 15 August 2014. The prices will also be discouraged by higher stocks in local
mandies.
The market sources suggested that total stocks of around 70-80 lakh tonnes of chana have been reported in local mandies and
these stocks can easily meet the chana requirement in the current season. The NCDEX September futures plummeted by
1.38% today to close at Rs 2892 per quintal. The NCDEX futures pared 1.54% in open interest indicating short covering by
traders.
SUGER
FUNDAMENTAL & MANDI NEWS
Sugar prices were down by 0.33 per cent to Rs 3,040 per quintal in futures trade today as speculators reduced positions on sub-
dued demand from bulk consumers in the spot market amid ample stock positions. At the National Commodity and Deriva-
tives Exchange, sugar for delivery in October fell by Rs 10, or 0.33 per cent, to Rs 3,040 per quintal with an open interest of
2,030 lots. The September contract shed Rs 2, or 0.07 per cent, to Rs 3,036 per .Market sentiments remained buoyant with
price trending up for the day. However, the briskness is expected to fade soon with the prevailing glut and absence of export
orders from the country.The govt had raised sugar import duty from 15% to 25% on both raw as well as refined sugar. The
move was taken to relieve the ailing sugar industry which was struggling hard to match up with the higher cane prices and
lower market price for their product.
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