CHILLI-OCTOBER-NCDEX: SELL AROUND 5145-5160 TARGETING 5100 THEN 5075 WITH STOP LOSS ABOVE 5200, CLOSED AT 5124
Agri Insight
Jeera
Jeera futures are likely to remain sideways to lower due to weak demand in spot markets and offloading of stocks by traders
The spot prices are quoting at Rs11200 per quintal at Unjha spot market with arrival of 2000 bags
Traders are offloading their stocks on anticipation of better sowing, which start from November
Futures have fallen from current year high of Rs14500 to Rs10100 levels and this bearish trend is likely to extend towards Rs9500 levels in near future
However, low carry forward stocks may provide some support in medium term even as long term sentiments depends on sowing progress and output
The spot and futures difference widened further to Rs1000 per quintal
Meanwhile, stocks have fallen to lowest in the year to 775 tonnes
Spiices
Pepper: Pepper futures turned bearish once again after sharp recovery in previous session. the November NCDEX contract opened weak and fell sharply below recent low and made new low of Rs12654 per quintal. Weakness in most of spices and lack of any fundamental support pulled down the pepper futures.
Jeera: Jeera futures fell sharply and lost by 4 percent, which made new contract low of Rs10100 (November) per quintal. The prices opened weak although it had closed on higher note in previous session. Fresh selling was seen at higher levels as spot markets remained steady to weak.
Turmeric: Turmeric futures fell further tracking weakness in other spices and weak demand in domestic markets. The active contract December NCDEX made low of Rs3790 and closed at 3805 levels.
Chilli: Chilli prices traded weak along with other spices even as arrivals remained almost steady. The October NCDEX futures made low of Rs5109 and closed at Rs5115 levels.
Coriander: Coriander futures traded sideways in the obscene of any trigger from spot markets. The spot markets were closed on eve of festivals. The October NCDEX futures moved in the narrow range of Rs7813-7900 and closed at Rs7859 without major change.
NCDEX Sugar November
The November contract sugar prices remained sideways in the last trading session with settling at 1770 levels. Market is looking indecisive and the supports and resistances can be seen at 1750 and then 1785 respectively. Either side break out may confirm the fresh move for the sugar on todays trading session. We expect market to remain sideways for the day.
NCDEX Steel Oct Sell at 26300 TP 25750 SL 26575
NCDEX Guar seed Nov Sell below 1710 TP 1695 SL 1725
NCDEX Soybean Nov Sell at 1695-1700 TP 1660 SL 1728
NCDEX RM Seed Nov Sell at 582 TP 573 SL 589
NCDEX Chilli Oct Sell at 5135-40 TP 5070 SL 5210
NCDEX Pepper Nov Sell at 12880 TP 12450 SL 13130
NCDEX Turmeric Oct Sell at 3770-80 TP 3700 SL 3805
NCDEX Jeera Nov Sell at 10220 TP 9890 SL 10360
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.
Agri Insight
Jeera
Jeera futures are likely to remain sideways to lower due to weak demand in spot markets and offloading of stocks by traders
The spot prices are quoting at Rs11200 per quintal at Unjha spot market with arrival of 2000 bags
Traders are offloading their stocks on anticipation of better sowing, which start from November
Futures have fallen from current year high of Rs14500 to Rs10100 levels and this bearish trend is likely to extend towards Rs9500 levels in near future
However, low carry forward stocks may provide some support in medium term even as long term sentiments depends on sowing progress and output
The spot and futures difference widened further to Rs1000 per quintal
Meanwhile, stocks have fallen to lowest in the year to 775 tonnes
Spiices
Pepper: Pepper futures turned bearish once again after sharp recovery in previous session. the November NCDEX contract opened weak and fell sharply below recent low and made new low of Rs12654 per quintal. Weakness in most of spices and lack of any fundamental support pulled down the pepper futures.
Jeera: Jeera futures fell sharply and lost by 4 percent, which made new contract low of Rs10100 (November) per quintal. The prices opened weak although it had closed on higher note in previous session. Fresh selling was seen at higher levels as spot markets remained steady to weak.
Turmeric: Turmeric futures fell further tracking weakness in other spices and weak demand in domestic markets. The active contract December NCDEX made low of Rs3790 and closed at 3805 levels.
Chilli: Chilli prices traded weak along with other spices even as arrivals remained almost steady. The October NCDEX futures made low of Rs5109 and closed at Rs5115 levels.
Coriander: Coriander futures traded sideways in the obscene of any trigger from spot markets. The spot markets were closed on eve of festivals. The October NCDEX futures moved in the narrow range of Rs7813-7900 and closed at Rs7859 without major change.
NCDEX Sugar November
The November contract sugar prices remained sideways in the last trading session with settling at 1770 levels. Market is looking indecisive and the supports and resistances can be seen at 1750 and then 1785 respectively. Either side break out may confirm the fresh move for the sugar on todays trading session. We expect market to remain sideways for the day.
NCDEX Steel Oct Sell at 26300 TP 25750 SL 26575
NCDEX Guar seed Nov Sell below 1710 TP 1695 SL 1725
NCDEX Soybean Nov Sell at 1695-1700 TP 1660 SL 1728
NCDEX RM Seed Nov Sell at 582 TP 573 SL 589
NCDEX Chilli Oct Sell at 5135-40 TP 5070 SL 5210
NCDEX Pepper Nov Sell at 12880 TP 12450 SL 13130
NCDEX Turmeric Oct Sell at 3770-80 TP 3700 SL 3805
NCDEX Jeera Nov Sell at 10220 TP 9890 SL 10360
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.