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Epic Research Daily Agri Commodity Report Of 14 June 2018

, 14 June 2018 -- Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 16.5% to settled at 233 while prices up 36.5 rupees.

India’s tea production fell by 7.21% to 85.74 million kg in April 2018 from 92.41 million kg produced in the year-ago month, according to provisional data from the Tea Board of India. Estimated production data suggested the fall in absolute term during April was due to drop in the crop production both in north (which also covers the east and northeast India) and south India. In north India, Assam’s production for the month was marginally up to 45.65 million kg as compared to 44.24 million kg produced in the corresponding month of 2017 while West Bengal’s production for the month stood at 15.73 million kg, down by nearly 20 per cent from 19.6 million kg produced in the same month of 2017.

New high-yielding fine Rice variety 'MGR 100' has been brought out by the Tamil Nadu Agricultural University (TNAU) which will be popularised among cultivators. In the initial phase, its cultivation would be taken up in ten districts. TNAU has been planned to produce seeds for MGR 100 during this current fiscal by establishing demonstration plots in ten districts with the participation of farmers. The seed production would be initiated under the direct supervision of the agricultural experts. The new variety is the rechristened with the nomenclature CO 52, which is a derivative of the cross involving BPT 5204 and CO (R) 50.

With closing stocks of Cotton anticipated to be at a six-year low for the current season, ending September, prices of the fiber crop have started firming up as the new crop harvest entries are expected from mid-October onwards, which is as yet three-four months away. According to the Cotton Association of India (CAI), Cotton carry-over stock from the 2017-18 season is estimated to be 16 lakh bales (each of 170 kg), which is said to be the lowest since 2011-12. New crop arrival will take place by mid-October due to delayed rains in Cotton growing regions. Cotton sowing is likely to take place by Mid-July.

Economic News

India's cotton exporters have signed contracts to ship 500,000 bales (85,000 tonnes) of their new season harvest to China as the world's biggest consumer of the fibre looks to raise its imports in the next crop year, industry officials told Reuters. Exporters in India, the world's biggest producer of cotton, usually start selling new season cotton from end-August, after estimating the nation's crop size. But robust demand from China and higher prices have prompted Indian exporters to sign deals in advance, the officials said. "Chinese demand is very robust. They are ready to book Indian cotton," said Atul Ganatra, president of the Cotton Association of India (CAI). "But Indian traders don't have a clear idea about the upcoming crop size and prices, so they are hesitant to commit to large amounts," he said. Most Indian farmers sow cotton with the arrival of monsoon rains in June, and the crop is typically ready for harvesting from the end of September.

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 16.5% to settled at 233 while prices up 36.5 rupees. Now MCX Cardamom is getting support at 933 and below same could see a test of 915.1 level, And resistance is now likely to be seen at 959.9, a move above could see prices testing 968.9. Cardamom on MCX settled up by 3.99% at 951 on short covering after prices dropped on reports of bumper output on the back of favourable weather amid poor stocks of quality goods. There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop. Spice Board cut the number auctions due to falling arrivals at the auction centres. Producing centres of Kerala are getting good rains and monsoon is also expected to hit Kerala coast three days before schedule. India exported 4,180 ton cardamom valued at Rs 4.56 billion during April-December 2017, data from Spices Board showed.

Trading Recommendations

BUY CORIANDER JUN ABOVE 4400 TARGET 4420/4440/4460 SL 4370
BUY TURMERIC JUN ABOVE 7390 TARGET 7420/7450/7480 SL 7350
BUY GUARGUM5 JUN ABOVE 7650 TARGET 7690/7730/7770 SL 7600

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Thursday, 14 June 2018 at 12:35 PM
Category: Business
 
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