Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Expect agri commodities to remain volatile with upward bias: Religare Broking.


Date: 15-06-2020
Subject: Expect agri commodities to remain volatile with upward bias: Religare Broking
Rains in many parts of Central and North-West India had a bearish impact on the market sentiment, even as agri market kept trading with high volatility.

Low volumes in futures markets amidst lack of strong demand in mandis too adversely affected the price movements. However, as mandis gradually opened up, one could witness improved demand. The exports, too, are expected to recover in coming weeks. Supported by a firm dollar versus rupee, one can witness some strong recovery in its demand. This could not only support the agri prices but also favorably affect the volumes in the futures markets.

Spices, which had traded sideways due to lack of export demand, started trading firm last week. Reports are indicating firmness in prices for Turmeric and Jeera based on these expectations. Any closure above Rs 14,120 per quintal may lead Jeera July prices towards Rs 15,000 mark in next 7-10 days. Turmeric too could move towards the psychological Rs 6,000 per quintal mark if it succeeds in breaking Rs 5,700 mark. Rs 5,200-5,250 remains immediate support for the July contract. Dhaniya too may witness immediate psychological resistance at the Rs 6,000 per quintal mark as domestic demand improves on opening of rise in trading activities.

Chana July futures, which earlier faced strong support at the psychological Rs 4,000 per quintal mark, now has an immediate support at the Rs 4,080 mark. Improved domestic demand amidst higher MSP (minimum support price) for kharif pulses and deregulating the Essential Commodities Act are factors that favour the upside movement for the counter in the medium term. Immediate resistance is at the Rs 4,250 mark, breaking which, it can move towards the Rs 4,500 per quintal target.

Edible oils: As more and more countries have started easing lockdowns, there are signs of import demand improving for Malaysian/Indonesian palm oil. The trade relation between India and Malaysia has improved of late, and Indian importers have resumed purchases of Malaysian palm oil last month onwards. Media reports said that large importers have finalized contract worth 2 Lakh tonne of Crude palm oil from Malaysia, during first fortnight of May, which shall be shipped this month and July. As per MPOA (Malaysian Palm Oil Association), production in May month can be lower versus previous month. Production losses in recent months has been mainly due to raising import taxes on edible oils as it seeks to become self-reliant by boosting local oilseed production with the help of tax revenue. This news was bullish for the entire oil complex markets.

Soybean: Strike in Brazil, strength in edible oils and positive global oil seed markets have been supportive for the domestic soybean prices of late. At the same time there are lots of reforms being announced for the Agriculture sector, like amendment of the Essential Commodities Act, involving de-regulation of edible oils and oilseeds, thereby enabling barrier free trade by farmers. Also, deposits are quite less the warehouses against June expiry. Therefore tendency of futures prices to surpass 4000 in coming weeks has increased

RM Seed: Fundamentals are bullish for this commodity. Mustard crop is expected to be lower this year due to heavy rainfall across regions of Haryana and Rajasthan during March and April months. As a result the risk of crop damage has increased. Therefore production is estimated to be lower versus last year. As per traders and farmers possible damage is expected around 20-25% roughly. Procurement from the government has also supported the market in recent months and shall continue supporting as long as procurement continues.

Monsoon progress too remains very critical in the coming weeks. The progress towards Central and North-West India always remains erratic. Even as favorable reports till now have limited any bullish impact, any slowdown in its progress may be an additional supporting factor for the prices.

We expect the price movement to remain volatile this week with an upward bias.

Source:- moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Date: 06-10-2020
Instruction No. 18/2020-Customs
Directorate General of Audit as a Nodal Directorate for Customs Post Clearance Audit –regarding



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001