Turmeric Intra-Day Likely To Bounce Back: April 27, 2012

Turmeric trading range for the day is 3485-3673. Support for turmeric is at 3525 below that could see a test of 3485. Resistance is now seen at 3619 above that could see a resistance of 3673 according to Kedia Commodities.

In Nizamabad, a major spot market in AP, the price ended at 3309.5 rupees dropped by -35.75 rupees. Market has opened at 3630 & made a low of 3540 versus the day high of 3634. The total volume for the day was at 9420 lots and the open interest was at 32285.

Turmeric yesterday we have seen that market has moved -1.87% on strong arrivals in the spot market from the bounty crop this year.

According to a report by Angel Commodities, arrivals in Nizamabad and Erode mandi stood at 15000 bags and 8000  bags respectively on Thursday. According to the market sources harvesting of turmeric in Nizamabad  is 75% complete, Erode 60%, Sangli 60% while centres of Duggiralla,  Warangal and Cuddapah which started their harvesting late have  completed 25% of their harvesting.

Average daily fresh arrivals in Nizamabad currently stand around 15,000 thousand bags while that in Duggiralla, Warangal and Cuddapah  sum to 10,000 bags, Sangli 8,000 bags and the largest producing state is witnessing arrivals of  24,000 bags. Turmeric production for the  year 2011-12 is projected at historical  high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010-11.

Angel further says turmeric prices in the intra-day are expected to bounce back owing to improved buying at lower levels.

Karvy Commtrade says Turmeric prices are expected to trade slightly lower on back of subdued demand from exporters. Due to poor quality arriving at Erode traders are buying from other markets which weighing on prices. 

Oilseeds Trading Levels And Ideas For 27 April

Oilseed complexes are expected to trade slightly higher due to supply shortage of global oilseeds coupled with strong demand from China according to a daily research report by Angel Commodities. Strong export demand of domestic soy meal coupled with lower domestic production estimates of RM seeds are also in favor of the bulls.

NCDEX May mustard seed futures settled slightly lower on account of profit taking after yesterday’s sharp rise. 

NCDEX soybean futures traded with mixed sentiments and finally settled slightly lower 0.47% on account of profit taking after yesterday’s sharp rise. Arrivals were in major mandis of Madhya Pradesh about 25,000 bags, Maharashtra 20,000 and Rajasthan 5,000 bags (bag=100 Kg).

Mentha oil prices in the intraday are expected to trade downwards according to Angel Commodities. Mentha oil futures corrected on Thursday for the ninth consecutive day due to selling seen at higher levels and estimates of higher sowing of mentha on expectations of a better realisation.

Arrivals in entire UP stand around 130 drums (1drum – 180 kgs) daily. Exports of mentha during April 2011 to January 2012 witnessed a decline of 6% to 12,850 tonnes as compared to 13,550 tonnes in the same period last year.  

Low production and lower stock levels, also supported the market sentiments. Rising export demand amidst lower stocks however are expected to support the prices in the medium term. The next crop is expected to arrive in June and until then, arrivals are expected to remain weak in the mandis. The total arrivals of mentha oil stood at 50-75 drums (50-60 drums as on 25th April 2012).

The contract made intra-day low of Rs 1719.6 a kg and high of Rs 1737.6 a kg with the volume of 142 and total open interest for the same contact was at 1990. Now support for mentha is seen at 1713.6 and below could see a test of 1707.6. Resistance is now likely to be seen at 1731.6, and a move above could see prices testing 1743.6.

Kedia Commodities puts mentha oil within trading range for the day at 1707.6-1743.6. While in case of soybean trading range for the day is 3413-3533. Support for soybean is at 3441 below that could see a test of 3413. Resistance is now seen at 3501 above that could see a resistance of 3533.

Ref soya oil trading range for the day is 770.62-780.22. For today's session market is looking to take support at 772.5, a break below could see a test of 770.6 and where as resistance is now likely to be seen at 777.3, a move above could see prices testing 780.2, says Kedia Commodities.

Yesterday Ref soya oil has touched the low of 773.5 after opening at 778.1, and finally settled at 774.45. 

In the case of RM seed, trading range is 3887-4003. For today's session, according to Kedia Commodities, market is looking to take support at 3910.3, a break below could see a test of 3886.7 and whereas resistance is now likely to be seen at 3968.3, a move above could see prices testing 4002.7.

The crude palm oil trading range for the day is 625.63-633.03. The market is looking to take support at 626.9, and a break below could see a test of 625.6, whereas resistance is now likely to be seen at 630.6. A move above could see prices testing 633.

In Thursday's trading session, crude palm oil touched the low of 628.1 after opening at 628.1, and finally settled at 628.1.  

Sugar, Wheat And Potato Trading Ideas For April 27

Sugar prices, according to Angel Commodities, are expected to remain firm in the intra-day on improved demand ahead of summer season coupled with expectations of further exports. In the long-term, the price trend would depend on planting figures of 2012-13 crop and decision with respect to further exports. Also, it is necessary to keep close watch on the Brazilian sugar harvest.

Sugar futures witnessed mixed trades throughout the day and settled 0.03% lower on Thursday. However, expectation of probable approval of further exports shortly amidst demand from the local stockists led spot prices to settle marginally higher yesterday.

Wheat traded in the negative node and settled -0.17% down at 1183 on higher supplies from record production for the second straight year.The trading range for the day is 1171-1195. At Friday's session, the market looked to take support at 1177, a break below could see a test of 1171 and where as resistance is now likely to be seen at 1189, a move above could see prices testing 1195.

Angel Commodities report puts potato prices to trade sideways in the intraday due to comfortable supplies in the domestic markets may cap sharp gains on the other hand demand in the domestic markets may support prices at lower levels. In the medium term, potato  prices may take cues from the final estimates from the horticulture department which may show some downward revision in the output owing to reports of late blight disease.

NCDEX potato futures witnessed a rangebound on Thursday. The initial part of the day  witnessed an upside movement seen, but towards the end of the trading session, we witnessed some correction due to profit booking at higher levels.