MCX Market Trading Tips For Today - Safal Trading

Turmeric yesterday we have seen that market has moved -0.4% dropped due to mounting spot supplies and expectations of a bumper crop. Supply pressure is expected to continue till the end of April in the spot markets. Supplies rose to around 20,000 bags of 70 kg each from about 15,000 bags in the second week of March in Nizamabad. Output from Andhra Pradesh, the country's top producer of the spice, is likely to rise 36 percent on year to 83,000 tonnes in 2012 due to an expansion in acreage. 

Higher production prospects and better stocks could however keep pressure on prices as markets trade with high volatility. The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production as per traders. Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. 

The sowing period is from June-August and harvesting begins in January. In Nizamabad, a major spot market in AP, the price ended at 3666.65 rupees dropped by -95.25 rupees. Market has opened at 3950 & made a low of 3942 versus the day high of 4028. The total volume for the day was at 9035 lots and the open interest was at 22830.Support for turmeric is at 3931 below that could see a test of 3893. Resistance is now seen at 4017 above that could see a resistance of 4065.

Trading Ideas for mcx india :

Turmeric trading range for the day is 3893-4065.

Turmeric dropped due to mounting spot supplies and expectations of a bumper crop.

Supply pressure is expected to continue till the end of April in the spot markets

NCDEX accredited warehouses turmeric stocks gained by 481 tonnes to 3666 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 3666.65 rupees dropped by -95.25 rupees.

Chana dropped Rs 59 and settled at Rs 3549 per quintal due to rising arrivals in the spot markets and worries the government might curb trading to rein in prices. 

Production of chana, or chickpea, is expected to drop to 7.66 million tonnes in 2011/12 from 8.22 million tonnes a year earlier, farm ministry data showed. The production of yellow peas, which is used as substitute for chana, in Canada was also lower in 2011, and this is also supporting the prices. The total daily arrivals of chana were hovering at the levels of around 3 lakh bags in the entire major mandis against 2.80 lakh bags on last day. Expected fall in production in Chana and overall Pulses was reported as per 2nd Advanced Estimates. 

Pulses output is expected to fall by 5.26% to 17.29 mln tonnes vs 18.24 mln tonnes in 2010-11. Chana production is expected to fall by 6.8% to 7.66 mln tonnes as compared to 8.22 mln tonnes last year. Lower acreage contributed for this fall as per reports (Chana acreage reportedly fell by 4% to 89.57 lakh ha vs 93.41 lakh ha same period last year. 

As per Rajasthan farm department’s first advance estimates for Rabi crops, Chana output is estimated down 7.8% at 14.76 lakh tonnes in 2011-12 season vs 16 lakh tonnes in 2010-11. In Delhi spot market, chana jump up by 11.15 rupee to end at 3500 rupee per 100 kgs. The volume was noted at 95260 lots. Support for chana is at 3506 below that could see a test of 3462. Resistance is now seen at 3634 above that could see a resistance of 3718.

Intraday Trading tips for chana :

Chana  trading range for the day is 3462-3718.

Chana dropped due to rising arrivals in the spot markets and worries government might curb trading to rein in prices.

Production of chana is expected to drop to 7.66 mln tns in 2011/12 from 8.22 mln tns a year earlier

Ncdex tips accredited warehouses chana stocks gained by 692 tonnes to 13420 tonnes.

In Delhi spot market, chana jump up by 11.15 rupee to end at 3500 rupee per 100 kgs.

Soyabean yesterday we have seen that market has moved -0.47% on profit booking amid as lingering concerns the government may intervene to cool prices.

A turn from weaker to positive for outside market forces and continued thoughts that the soybean market will need to move higher over the near-term to help spark more planted area and to help reduce demand has sparked continued buying and sharply higher trade. The USDA confirmed daily export sales of 120,000 tonnes of US soybeans to China for the 2012/13 season and 120,000 tonnes of US soybean meal to unknown destination for the 2012/13 season.