MCX Mentha Oil likely to move in a range of 944-965.6
MCX Aluminium may trade between 142.7-145.5 levels
MCX Nickel likely to move in a range of 1043.9-1081.7
MCX Copper under fresh buying; Support seen at 520
MCX Zinc under long liquidation; Resistance seen at 192.3
Turmeric futures (June) is likely to face resistance near 8000-8035 levels. Only 60 per cent of the spot turmeric was sold on Thursday at Erode markets. For want of demand from traders of North India, the local traders procured 55-60 per cent of the turmeric. Further only medium variety turmeric arrived for sale. At the Erode Turmeric Merchants Association, the finger variety went for Rs.8,129-9,016 a quintal; the root variety Rs.7,099-8,309.
Cardamom futures (June) is expected to trade in the range of 795-820 levels. Arrivals were at moderately higher levels but the upcountry buyers have slowed down. At the same time, the quality of the material arriving at the markets was inferior and that has aided the price decline. The individual auction average slipped by Rs.20/kg last week and fell below Rs.700. Total arrivals during the season up to May 28 were at around 30,042 tonnes and sales were at 28,930 tonnes. The individual auction average as on May 28 stood at Rs.611.65 a kg.
Jeera futures (June) is expected to trade with a downside bias & may fall towards 15600-15500 levels, if breaks the support near 15840 levels. At the spot markets, Jeera moved down as season demand was declined. Moreover, limited buying by exporters also supported the price to go down. At Rajkot APMC, jeera gradually decreased by 50 per 20 kg during this week and price may continue to fall in coming days. About 8,000 bags arrived in Gujarat and price quoted down by Rs.10 to Rs.2,850-3,300 per 20 kg.
Soybean futures (June) is expected to take support near 3790 levels. With the drought like situation in the state and the monsoon uncertainty, many cultivating soybean till now have plans to switch to other crops. According to the Soybean Processors Association of India (Sopa),this year, output ofthe bean this kharif is expected to be 6.9 million tonnes, instead of the earlier estimate of 7.4 mt.
Mustard futures (June) is expected to trade in the range of 4360-4430 levels. Mustard seeds and raida also traded lower on slack demand in mustard oil, with mustard seed prices in the physical market at Rs.4,200 a quintal (down Rs.100), while raida ruled at Rs.3,800 (down Rs.150). Plant deliveries of mustard seeds for Jaipurline were at Rs.4,520-25 a quintal. Mustard seed arrivals across the country on Thursday stood at 1.85 lakh bags.
CPO futures (June) might remain stable taking support near 528 levels & refined soy oil futures (June)is expected to trade highertowards 654 levels. Edible oils spot markets witnessed a firm trend amid renewed physical demand and higher volumes. Malaysian palm oil futures pared losses from the previous session to rise on Thursday, tracking competing vegetable oils and helped by a weaker ringgit. The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1.7 percent to reach 2,643 ringgit ($637) per tonne at the end ofthe trading day.
Chana futures (July) is seen taking support near 5960 levels. At the spot markets, chana is holding steady as is staying supported in ready markets amid good demand from millers. However, overall trade in thin as not much of activity is taking place at extremely elevated prices. Arrivals are good and could pick up further in coming days. The spot prices are trading at Rs 6130 per quintal in Delhi. Guar complex are likely to fall further owing to lack of demand. There are excess supply in the spot markets as more than half of the country's guar gum processing plants are now closed and nearly half of the guar gum from last year's crop remains unsold.
Kapas futures (April) is likely to take support near 880 levels. Cotton acreage is likely to drop by 20% in season 2016-17 in Punjab and Haryana compared to the last season as the wary farmers opt for other Kharif crops after bearing heavy crop damage due to whitefly pest attack in the last season. In Punjab the area under cotton is expected to come down by 35-40 % this year compared to five lakh hectares in the last year.
Sugar futures (July) is expected to trade in the range of 3635-3670 levels. The upside might remain capped owing to bearish fundamentals hovering on the domestic market. Sugar prices on the Vashi market declined by Rs.5-10 a quintal for fair quality and remained unchanged for other grades on back of routine demand, supply and volumes. Producers' continuous selling kept supply ample and stockists stayed away from making fresh commitments.Courtesy: Smc Comtrade