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Epic Research Daily Agri Report 9th Feb 2016

Discussion in 'Indian Stocks' started by chetanepic, Feb 9, 2016.

  1. chetanepic

    chetanepic New Member

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    Commodities in News
    Turmeric settled flat due to heavy arrivals at the spot markets. Besides, lower demand from stockists too weighed on turmeric prices.
    Jeera settled down on expectations of bumper crop this year in the producing belts. Though, some losses were capped by some export enquiries.

    Economic News
    Taking a cautious stand on approving commercial farming of genetically modified Mustard, government today said a decision will be taken after "due deliberations" amidst strong opposition by activists and farmers against the commercialisation.

    National Market update
    Monthly cotton exports during January noticed a downtrend as the demand from overseas remained weak during the month.

    Mahyco Monsanto, a joint venture of US agriculture company Monsanto and Indian counterpart Maharashtra Hybrid seeds Company (Mahyco) has moved to Delhi High Court once again, requesting a stay on the functioning of the a nine member committee formed to set the maximum selling price (MSP)of cotton seed.

    Cotton exports from India are likely to stand around 21.27% higher at 70 lakh bales this season that is 2015-16 as compared to 57.72 lakh bales previous season, according to the Textile Commissioner.

    India is likely to produce 35.2 million bales of cotton in season 2015-16, 3.6 percent lower as compared to previous estimates, according to a senior government official. Last year the country produced around 38 million bales of cotton.

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  2. suhani sahani

    suhani sahani New Member

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    Turmeric April futures traded on a Surged up on Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice increased by 3.28% to 8930 level at NCDEX. No strong movement was noted for Turmeric as lack of strong demand kept uptrend limited. Traders expect the export and domestic demand to rise. But prospects of rising new crop arrivals in coming weeks may limit the uptrend also. In Telangana, the turmeric crop is at vegetative to flowering stage, sources said that due to recent rainfall in Tamil Nadu.

    TURMERIC (APRIL) TECHNICAL VIEW:

    TREND: MIXED TO BULLISH

    RESISTANCE 2: 9200,

    RESISTANCE 1: 9100,

    SUPPORT 1: 8650,

    SUPPORT 2: 8550.

    STRATEGY: BUY ON DIPS

    The NCDEX Soya bean February futures slipped by -0.35% in the last trading to close at 3718 level till Tuesday closing. The broader term price outlook is not so bearish considering lower production prospects for year 2015-16. Poor soybean yields in India prompted the USDA to lower its 2015/16 crop forecast by 1.5 MT this month to 9.5 million. Since production of a record 2012/13 harvest at 12.2 MT, Indian soybean crops have been beset by a succession of unfavorable growing conditions. Monsoon rains in Aug decreased for the top production regions.

    SOYABEAN (FERUARY) TECHNICAL VIEW:

    TREND: MIXED TO BEARISH

    RESISTANCE 2:3775,

    RESISTANCE 1:3750,

    SUPPORT 1: 3675,

    SUPPORT 2: 3630.

    STRATEGY: SELL ON RISE


    Chana futures traded on a Positive note increased demand on Tuesday (5.00PM). Chana May l contract gained 1.20% to 4289 levels. Firm trend persisted for Chana on reports of Govt purchase and rising domestic demand amidst lower stocks in mandis. The uptrend got limited on prospects of rains in MP in coming days as that could have beneficial impact on sowing. Persistent concerns regarding government’s continuous efforts to keep price rise in check too kept rising rates under check as prices hovered near the 5000 mark.

    CHANA (APRIL) TECHNICAL VIEW:

    TREND: MIXED TO BULLISH

    RESISTANCE 2: 4390,

    RESISTANCE 1:4350

    SUPPORT 1: 4200,

    SUPPORT 2: 4160.

    STRATEGY: BUY ON DIPS

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