Daily-Agri research report by Epic Research 18 Feb 2014
SOYABEAN FUTURE
Soybean futures may trade on a positive note. Lower arrivals, positive overseas markets and dry weather in Brazil may support prices. However, sluggish domestic demand coupled with prospects of higher output in South America may cap sharp gains. Prices may also take cues from movement in the Indian Rupee.
TURMERIC FUTURE
Turmeric futures are seen trading higher on account of good demand from buyers in India and overseas coupled with concerns about yield in Andhra Pradesh. Shortage of good quality spice and expectations of rise in export enquiries too limited sharp fall in prices. Turmeric futures are likely to trade with positive bias due to weak production estimates for the current year.
CHANA FUTURE
Chana may trade on a mixed note. Reports that the state government may intervene and start procuring pulses at MSP coupled with higher pulses exports data may support prices however, comfortable supply situation as well as higher output estimates may pressurize prices.
MENTHAOIL FUTURE
The fundamentals are bearish for Mentha oil so spot prices are still maintaining lower and the bulk buyers are also less in the market. At the futures market, February contract showed a marginal gain in prices along with higher volume while open interest fell. This indicates price rise could be a short covering phase which may sustain for a while. For the day we believe futures prices might advance a tad however, we need to closely watch the today’s spot market activities.
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CHANA MAR ABOVE 3035 TGTS 3055,3105 SL 2995
SELL CHANA MAR BELOW 2990 TGTS 2970,2930 SL 3030
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CASTORSEED MAR ABOVE 4185 TGTS 4215,4265 SL 4135
SELL CASTORSEED MAR BELOW 4140 TGTS 4110,4060 SL 4190
SUGGESTION OF TODAY TRADING STRATEGY:
BUY DHANIYA APR ABOVE 9085 TGTS 9115,9165 SL 9045
SELL DHANIYA APR BELOW 8920 TGTS 8890,8840 SL 8970
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