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Epic Research Daily Agri Commodity Report Of 15 NOVEMBER 2017

, 15 November 2017 -- Turmeric futures edged lower on NCDEX as speculators reduced their holdings, driven by muted demand in the spot market.

Commodity News

Turmeric futures edged lower on NCDEX as speculators reduced their holdings, driven by muted demand in the spot market. Besides, rising arrivals from major producing belts also weighed on turmeric futures. The contract for December delivery was trading at Rs 6970.00, down by 1.41% or Rs 100.00 from its previous closing of Rs 7070.00. The open interest of the contract stood at 7440 lots. The contract for April delivery was trading at Rs 7112.00, down by 1.47% or Rs 106.00 from its previous closing of Rs 7218.00. The open interest of the contract stood at 2175 lots on NCDEX.

Jeera futures edged higher on NCDEX due to increased buying by retailers and stockists at the spot market. Further, fall in supplies from major producing regions also fuelled the uptrend. The contract for November delivery was trading at Rs 19045.00, up by 1.98% or Rs 370.00 from its previous closing of Rs 18675.00. The open interest of the contract stood at 321 lots. The contract for December delivery was trading at Rs 19660.00, up by 2.48% or Rs 475.00 from its previous closing of Rs 19185.00. The open interest of the contract stood at 13386 lots on NCDEX.

Coriander futures edged higher on NCDEX as speculators enlarged their holdings amid improved demand in the spot market. Besides, restricted supplies from major growing regions also added support to coriander prices’ uptrend. The contract for November delivery was trading at Rs4955.00, up by 1.02% or Rs 50.00 from its previous closing of Rs 4905.00. The open interest of the contract stood at 1290 lots. The contract for December delivery was trading at Rs 5033.00, up by 0.3% or Rs 15.00 from its previous closing of Rs 5018.00. The open interest of the contract stood at 36690 lots on NCDEX.

Economic News

Balasaheb Ghadge, who works as a clerk in the village panchayat in the tribal belt of Andar Maval in Maharashtra and also runs a small kirana store, was a staunch supporter of demonetisation when it was announced. A year on, he is worried that poor farmers continue to suffer from the government’s
move. “At the national level, the decision must have yielded results, but for us, life has been put in the reverse gear,” he said. A follower of BR Ambedkar, Ghadge said he had read in one of Ambedkar’s books that demonetisation should be done after every decade. That’s perhaps why he was excited at the government’s decision last year. Speaking to ET a few days after the PM announced demonetisation on November 8 last year, Ghadge had said: “Till now, the poor were crying. Now we are smiling and the rich are crying. Let them suffer. We just hope that farmers get some benefit.” Farmers, however, say that black money is back in circulation.

Consumer Affairs Minister Ram Vilas Paswan today termed the rise in onion
and tomato prices as "seasonal factor", saying the situation will normalise in a week or so on improved supplies of the fresh crop. In the national capital, retail onion prices are ruling as high as Rs 51 per kg and those of tomato at Rs 80. At Mother Dairy outlets, onion is being sold at Rs 47 per kg and tomato Rs 70, according to the trade data. However, all India average retail price of onion is Rs 33 and tomato Rs 45, showed the official data. "The price rise in onion and tomato is a seasonal issue. The rates will come down in a week or so as arrival of the new crop improves," Paswan told the media after taking unity pledge to mark the birth anniversary of Sardar Vallabhbhai Patel. Barring these veggies, prices of other essential commodities like rice and wheat are ruling stable, he added. Stating that the new crop of kharif onion has started arriving in mandis, Consumer Affairs Secretary Avinash Srivastav said the fresh crop is being harvested in Rajasthan, Gujarat, Maharashtra, Madhya Pradesh and Andhra Pradesh.



Trading Recommendations

BUY CORIANDER DEC ABOVE 5020 TARGET 5050 5090 5140 SL BELOW 4970
SELL TURMERIC DEC BELOW 6900 TARGET 6870 6840 6790 SL ABOVE 6950
SELL GUARGUM5 DEC BELOW 8280 TARGET 8250 8210 8160 SL 8330

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Wednesday, 15 November 2017 at 1:15 PM
Category: Business
 
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