Sunday, 15 January 2012

Top NCDEX Commodity News


  • ·         NCDEX turmeric weakens on poor domestic demand
  • ·         NCDEX jeera gains on falling arrivals
  • ·         NCDEX pepper tumbles on weak export demand
  • ·         NCDEX soy oil trades up, support at Rs.702-705: Angel

Tuesday, 10 January 2012

Turmeric Future Tips

Turmeric futures likely to open lower on Wednesday on higher stocks from the fresh crop amid higher production concerns. Rising supply of the commodity in the domestic markets also may pressurize the futures.

In NCDEX on Tuesday, turmeric April contract ended down 0.90% at Rs.4640 per quintal against the previous close.
Turmeric prices in the intraday are expected to trade sideways due to lacklustre demand from the domestic buyers. However, any reports of fresh overseas enquiries might support Turmeric prices, according to Angel Commodities.

According to Spices Board of India, exports of Turmeric during April 2011- October 2011 stood at 50,000 tonnes as compared to 32,000 tonnes in 2010-11, rise of 56%. Targets set by the Spices Board have already been met till October 2011. Exports are expected to touch new historical levels in 2011-12.

Sunday, 8 January 2012

NCDEX Chana Future

In NCDEX chana January contract last week closed higher by 3.11% at Rs.3443 per quintal. Chana prices are expected to remain firm on account of lower acreage under Chana cultivation and thereby fears of lower output. In the short term prices may trade in the range of Rs 3250 per qtl and Rs 3600 per qtl in the short term (2 -3 weeks), according to Angel Commodities.

According to the Farm Ministry area sown under Rabi pulses as on 5th January 2012 is down by 1.20% to 14.066 million hectares as compared to 14.238 million hectares in the same period previous year.

Chana sowing till January 5th 2012 is 5.23% down at 8.72 million hectares as compared to 9.22 million hectares in the same period previous year.

Further, unfavorable weather in Central and Southern India may lower Chana yield in the coming season. Except in Rajasthan, all other major producing states i.e MP, Maharashtra, Karnataka and AP are likely to witness a fall in output in the coming season harvesting of which would begin after mid January.

Tuesday, 3 January 2012

Agri Commodity News

Agri-commodities especially oilseeds, pulses and food grains are rebounding on adverse weather, acreage concerns and likely fall in production in the coming season. Overall mixed trends are expected with some commodities such as Cotton and Sugar weakening on rise in production.

Indian equity market has begun on a positive note in 2012, European stocks have shown buoyancy offlate and US unemployment data point to slow recovery taking place which augurs well for the commodity as well as equity markets. Strengthening of US dollar, Euro will reduce the appeal of precious metals and energy complex, he added.

India commodity futures market has already grown more than 65% at Rs 130.577 lakh crore till December 15  of 2011-12 and looks set to cross Rs 160 lakh crore by the end of the financial year compared to Rs 115 lakh crore recorded in 2010-11.

Sunday, 1 January 2012

Agri Commodity Tips Today


NCXDEX News
Chana prices might extend gains as gaining spot prices are supportive for price rally at futures. Physical demand ahead of the marriage season is supportive for price rise.
Drop in acerage might result in lower production which might support prices in near term. South Indian crop is estimated lower than last year which would hit the markets from end of January which would support the prices.

Chana NCDEX Dec-11 support: 3239 3266 resistance: 3314 3330 Buy at 3280 TP 3360 SL 3210.

Jeera futures expected to drop on Friday due to higher sowing progress form the producing regions amid weak demand from the overseas buyers. In NCDEX jeera January contract closed on Thursday lower by 0.97 per cent to Rs.14089 per quintal against the previous close. According to Spices Board of India, exports of Jeera during April 2011-Ocotber 2011 stood at 20500 tonnes as compared to 19,800 tonnes in 2010-11, an increase of 3.5%.