Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    

| More

Weekly Agri-Commodities - Update - Angel Commodities Broking

Posted On: 2017-09-15 23:09:12

Views of Mr. Ritesh Kumar Sahu (Fundamental Analyst- Agri Commodities, Angel Commodities Broking):

"During the current week, Cardamom, Crude Palm oil, Jeera and Chana trade on positive note while guar complex, cotton and coriander trade lower.

Cardamom futures is heading for its highest weekly gain in 5 months as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala. Good demands for the domestic market as well as for exports are driving the prices higher. During the current week the total arrivals stood at 441 tonnes, which is lower by 8% compared to last week arrivals and the sales were at 434 tonnes. The arrivals are declined for the third consecutive week while the demand is increasing. The exports of cardamom during the first quarter of FY 2017/18 increase by 12.5% to 1,403 tonnes compared to last years' 1,247 tonnes.

MCX CPO jumped 3.3 % in the current week tracking firm international prices in Malaysia coupled with weak rupees and good demand in the physical market. The prices were also supported due to increase in tariff value for Crude palm oil and higher import duty. Recently government raised import duty on crude palm oil to 15% from 7.5%, and on refined palm oil to 25% from 15% but higher stocks in the country is having bearish impact. According to SEA release, during November-August period, crude palm oil import increased to 50.82 lakh tonnes from 46.70 lakh tonnes during the same period of the previous oil year.

Among spices, NCDEX Jeera heading for second weekly due to fresh buying after seeing good delivery allocations for the September contract. NCDEX Oct delivery contract increase about 2% or Rs. 355 per quintal to close at Rs. 19,685. Traders are expecting good physical demand anticipating a diminishing stocks in the physical as well as exchange warehouses. The arrivals have been lower during the first 10 days of September at 1,980 tonnes compared to 3,271 tonnes in August for same period. India's jeera exports in June surged 29.6% on year to 13,503 tn. However, as per government data, Jeera exports during first quarter in FY 2017/18 (Apr-Jun) is 41,707 tonnes, down 10.8% compared to last year exports volume for the same period.

Turmeric futures for October delivery on NCDEX closed lower for the week due to balanced demand and supplies coupled with improved rains in Turmeric growing areas during week ending 6th September. As per the data release by government, the exports during the first quarter of FY 2017/18 is down 10% to 33,323 tonnes, compared to last year exports volume for the same period.

The production estimate of turmeric for 2016/17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015/16.

The most active October delivery contract of Guar complex on National Commodities and Derivative Exchange (NCDEX), plunged to six weeks low on reports of improved weather conditions in guar producing districts of Rajasthan and Gujarat. During the current week, October guar seed on NCDEX plunge Rs. 208 or 5.37%, to trade at Rs. 3,668 per quintal, while guar gum fall Rs. 725 or 8.2% to trade near Rs. 8,110 per quintal. Moreover, market participants are expecting new season arrivals in less than a months' time and also are worry about the export prospects for the guar gum in coming months to the US as Crude oil production likely to be affected due to recent Hurricanes.

Guar area in Rajasthan is forecast at 31.7 lakh hectares, down 10 % compared to last year area of 35.3 lakh hectares. While in Gujarat, the guar acreage forecasted down by 10% as on 11th Sep to 1.98 lakh hectares as compared to last year acreage. According to market sources, acreage in Haryana is lower as farmers have shifted to cotton due to better remuneration. Moreover, the exports of guar gum for the first quarter of 2017/18 is higher by 69.7% at 1.78 lakh tonnes compared to 1.05 lakh tonnes last year.

MCX Cotton for October delivery is heading for first weekly loss after three consecutive second consecutive weekly gains weak international prices and higher acreage in the country. Moreover, arrival of new season cotton also pressurizes prices. As per latest data from Agricultural Ministry, The area under cotton across the country was at 121 lakh ha as on last week, up nearly 19% on year. The cotton acreage is higher this year; industry expects cotton output to be sufficient. The USDA has raised its production estimate for India's 2017-18 (Aug-Jul) cotton crop to 30.0 mln bales (1 US bale = 480 pound) from 29.0 mln bales projected in August."

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Maize Shortage Affects Small and Medium Poultry Farmers, Government Urged to Import

Spices rallied on lower monsoon and higher export demand: Angel Broking

Views on Bullion & Crude: Angel Broking

Brent crude oil rising: Angel Broking

Mustard future tumbled close to 11: Angel Broking

IMD prediction of near normal monsoon to impact agri commodities negatively: Angel Broking

Edible Oils: Angel Broking

Gold may rise on back of lower US bond yields: Angel Broking

FYERS - Launches Multi Commodity Exchange (MCX) for Traders

Nickel supply woes to ease as Philippine audit clears 23 mines: Angel Commodities Broking

Technical selling activity hits aluminium: Angel Commodities Broking

Chana futures hit fresh low after relaunch last year: Angel Commodities Broking

Phillipines' fresh curbs to buoy Nickel: Angel Commodities Broking

Comfortable supplies in oil markets - will oil prices rally further? Angel Commodities Broking

Nickel rallies to the top: Angel Commodities Broking

Oil prices to correct, WTI headed towards $62: Angel Commodities Broking

Guar to trade higher in coming weeks: Angel Commodities Broking

MCX Aluminium hits record high on supply woes: Angel Commodities Broking

Cotton positive on export demand, reduce acreage: Angel Commodities Broking

Trump's hard line protectionism stance draws ire: Angel Commodities Broking

Robust imports, Steel curb extension boost metals: Angel Commodities Broking

Castor seed prices may correct due to arrival pressure: Angel Commodities Broking

US import curbs cushion Aluminium: Angel Commodities Broking

Jeera down on reports of higher production prospects: Angel Commodities Broking

Cotton may trade lower on anticipation of improved arrivals: Angel Commodities Broking

Correction in the metals pack - An opportunity for longs? - Angel Commodities Broking

OPEC and its output cap, the never ending story: Angel Commodities Broking

Nickel resumes its freefall after a brief rally: Angel Commodities Broking

Jeera hit all time high on export demand, diminishing stocks: Angel Commodities Broking

Edible oil slipping from 10 month high on record imports and higher oil seed production in 2016/17: Angel Commodities Broking

Sluggish Chinese economy hits base metals: Angel Commodities Broking

Will the rally continue for oil prices? Angel Commodities Broking

Battery demand prospects fuel Nickel to two-year high: Angel Commodities Broking

Castor seed heading for first monthly loss in 5 months in October: Angel Commodities Broking

Mustard prices likely to trade higher in coming month on improved demand: Angel Commodities Broking

Aluminium rules the commodity charts: Angel Commodities Broking

Zinc shines bright thanks to supply woes, China's RRR cut: Angel Commodities Broking

Weekly Agri-Commodities Update | Angel Commodities Broking

Double whammy of North Korea, S&P downgrade hits metals: Angel Commodities Broking

Early Chinese output cuts boost metals: Angel Commodities Broking

Profit booking, weak Chinese data bother base metals: Angel Commodities Broking

Safe haven play back in gold: Angel Commodities Broking

Weekly Agri-Commodities Update - Angel Commodities Broking

Steel rally, Chinese demand prospects - win-win for base metals: Angel Commodities Broking

Turmeric surge on diminishing arrivals and improving demand: Angel Commodities Broking

Weekly Agri-Commodities Update - Ritesh Kumar Sahu - Angel Commodities Broking

Bull run in metals far from over: Angel Commodities Broking

Safe haven play back in precious metals, Oil falls on over supplied markets: Angel Commodities Broking

Weekly Agri Commodities Update: Angel Commodities Broking

Castor Prices surge on higher exports, crop damage: Angel Commodities Broking

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019