NCDEX Castor Seed News

Profit taking might continue in castor seed from the higher levels due to mounting new supplies in local mandies and weak castor meal export demand. The NCDEX futures wilted almost Rs 65 per quintal in the last trading.

Waning demand of castorseed by oilcake exporters prompted some selling in local mandies. As per the latest release from Solvent Extractors' Association of India, India's total castormeal exports during the September 2012 have been reported at 0.10 lakh tonnes, down 63.85% from the last year in the same period

In the spot market, the castorseed was quoting at Rs 3550-3575 per quintal in the last trading, down Rs 20 from the previous session. The arrivals steady at 25000 bags. In Andhra Pradesh, the commodity was quoting at Rs 3000 per quintal with the total arrivals of 5000 bags.

The NCDEX November Castor seed contract decreased by almost Rs 38 per quintal to settle at Rs 3649 per quintal in last trading. The contract added 1000positions in open interest indicating fresh short position by speculators. Technically, prices are likely to witness some selling around Rs 3675-3680 per quintal while supports are likely at Rs 3620-3625 per quintal in the short term.

NCDEX Turmeric Updates

TMC NOV INTRADAY CHART 30/10/2012

Turmeric pared the last two session gains on long liquidations amid weak spices complex in today's trading session. The NCDEX turmeric most active November contract ended the day at Rs 5086, down Rs 50 or 1.10% from last close.

Turmeric price in the Nizamabad mandi stood steady at Rs 4,900 per quintal and the arrivals decreased to 800 bags from 2,000 bags over previous close. Turmeric price quoting in the Erode mandi was stable at Rs 5,200 per quintal and arrivals increased to 5,000 bags from 3,000 bags. The Salem variety was trading steady at Rs 5,700 per quintal.

Turmeric futures recovered from the low below Rs 5 k level on strong demand against weak arrivals in the local mandis. Turmeric slipped in the consecutive sessions, due to lack of fresh orders from the upcountry market and exporters. Stockiest also have good carryover stocks with them. Turmeric has been sown in 0.58 lakh hectares in Andhra Pradesh as on 10 October 2012, 30-35% lower over last year. Weak sowing is expected to support the prices in medium term.

The November contract gained nearly Rs 300 per quintal in the last two sessions on short covering at lower side. The contract eased from high Rs 5220 and settled the session at Rs 5086, down Rs 50 or 1.10% from last close. The open interest declined 600 positions, indicating long liquidations.

NCDEX Chana Tips

Selling intensified in chana market at higher levels due to possibility of strong production in the current year. The NCDEX futures plunged by almost Rs 41 per quintal.

As per the first Advance estimates released by Ministry of Agriculture, the chana output of India for 2012-13 is targeted at 79.6 lakh tonnes , up almost 3.8% from the last year.Moreover, favourable rainfall in some parts of Rajasthan, Gujarat and Madhya Pradesh during September also incite the strong chana sowing in the current year.

The spot prices of Akola mix were reported steady at around Rs 4950 per quintal and Chapa quality were at Rs 5000 per quintal today. The total daily arrivals were hovering at the lower levels of around 15000 bags in the entire major mandis.

The NCDEX November futures wilted almost Rs 41 per quintal today to settle at Rs 4620 per quintal. The contract increased by 1000 positions in open interest indicating short selling by traders.

NCDEX Jeera NOV Tips

Jeera slipped from the high on profit taking of the previous gains while thin supplies in the domestic market kept the downside limited. The NCDEX Jeera November contract ended the day at Rs 15,430, down Rs 207.50 or 1.33% from last close.

The spot Jeera traded in the range of Rs 14,000-14,625 per quintal (Rs 14,000-14,500 per quintal as on 18th October 2012) at Unjha Mandi. Best quality was traded in the range of Rs 15,000-15,625 per quintal (15,000-15,500 per quintal as on 18th October 2012). The total arrivals decreased to 4,500 bags from 6,000 bags, while demand jumped to 8,000 bags from 5,000 bags.

Cumin exports during April - July 2012 are estimated to be 23,500 tonnes [Rs 304 crore] against 10,500 tonnes [Rs 140.32 crore] in the corresponding period of April- July 2011. Jeera is a winter crop sown from October, and farmers depend on rains to moisten the land for sowing. The reports of good rains in Gujarat are likely to boost the sowing prospects in the rabi season and this is likely to limit the gains in medium term.

NCDEX Jeera gained nearly 16% in the last one month on strong export demand and weak supplies. The counter ended the session at Rs 15,430, down Rs 207.50 or 1.33% from last close.

Ncdex Intraday Updates

Speculators buying might persist in coriander futures from the lower levels on the heels of anticipation of fragile coriander production in the current year coupled with poor arrivals in the major mandies. The NCDEX futures recovered almost 4%from the lower levels in the last trading.
Sources suggested that higher prices of chana and wheat might divert the coriander sowing area in major producing states such as Rajasthan and Gujarat. This might reduce the overall production of coriander crop in the current year.
The total daily arrivals of coriander reduced to 1500 and 1700 bags at Kota and Ramganj mandi. This was mainly due to strong supplies of wheat in these mandies. While the spot prices were trading in the range of Rs 3600-3800 per quintal at major mandies, up almost Rs 100 per quintal from the last day .
Consequently, the NCDEX October futures settled at Rs 4121 per quintal with the gain of Rs 138 per quintal in the last trading. The NCDEX contract decreased almost 400 positions in open interest indicating short covering by traders at lower levels. Technically, the NCDEX futures are likely to witness some supports at around Rs 3860-3900 per quintal while resistances are likely at Rs 4250-430 per quintal in the near term.

NCDEX Updates

The spices board meeting with farmers and traders held on monday to resolve the on going row over bidding rate in cardamom failed to come out with a solution.