Return to: Finance News

Epic Research Daily Agri Commodity Report Of 09 NOVEMBER 2017



Commodity News

Coriander futures edged lower on NCDEX as participants cut down their bets, tracking weak demand in the spot market. Besides, rising arrivals from major growing regions also fuelled the downtrend. The contract for November delivery was trading at Rs 4990.00, down by 0.48% or Rs 24.00 from its previous closing of Rs 5014.00. The open interest of the contract stood at 10360 lots. The contract for December delivery was trading at Rs 5082.00, down by 0.63% or Rs 32.00 from its previous closing of Rs 5114.00. The open interest of the contract stood at 33840 lots on NCDEX.

Jeera futures edged lower on NCDEX as speculators offloaded their positions amid lower domestic and exports demand in the spot market. Besides, good supplies from major producing belts also weighed on jeera futures. The contract for November delivery was trading at Rs 18655.00, down by 0.29% or Rs 55.00 from its previous closing of Rs 18710.00. The open interest of the contract stood at 3261 lots. The contract for December delivery was trading at Rs 18965.00, down by 0.37% or Rs 70.00 from its previous closing of Rs 19035.00. The open interest of the contract stood at 10440 lots on NCDEX.

Soybean futures traded higher on NCDEX as speculators enlarged positions on anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds. There are reports that government is expected to reimburse farmers of Madhya Pradesh if soybean is sold below MSP. However, new season arrivals and higher stocks from last year capped some gains. The contract for November delivery was trading at Rs 2819.00, up by 1.22% or Rs 34.00 from its previous closing of Rs 2785.00. The open interest of the contract stood at 40490 lots.


Economic News

The Cabinet Committee on Economic Affairs (CCEA), in a recent announcement, has increased the basic price of ethanol by 5% amounting to Rs 1.88/litre for the procurement season 2017-18. According to an ICRA note, this increase in ethanol price by the Central Government for the procurement season 2017-18 (starting December 2017) to Rs. 40.85/litre for the oil marketing companies (OMCs) is likely to result in an increase in the total contribution margin by around Rs. 200/MT of sugar produced for fully integrated sugar mills. Sabyasachi Majumdar, Senior VP, ICRA, said, “During the crushing season 2017-18, mills are expected to produce around 25 million tonnes of sugar, an increase by 20%-23% compared to 2016-17. Consequently with a higher quantity of molasses available this year, the mills might achieve a 1.10-million KL of ethanol supply, with Uttar Pradesh's mills contributing nearly half of the output.

As Modi government gears up to celebrate the first anniversary of
demonetisation, the apple growers of Himachal Pradesh are feeling the pinch
of the move a year later. For the apple belt, which supplies scrumptious green and red apples to the rest of India, the yield was quite low this year and the growers were hopeful of good returns. For the apple belt, which supplies scrumptious green and red apples to the rest of India, the yield was quite low this year and the growers were hopeful of good returns. As per statistics of
Himalayan Apple Growers Society, which comprises 3,000 growers of Shimla apple belt, the usual yield is about 3 crore apple boxes. It had dropped to 2.3 crore in 2016 and further lowered to 1.7 crore boxes this year. The ripple effect of demonetisation was felt in the current apple season. However, there was a severe cash crunch in the apple market as the fluidity had reduced due to demonetisation. In the middle of the apple harvesting season, the industry was hit by the introduction of the goods and services tax.

Trading Recommendations

BUY CORIANDER OCT ABOVE 5030 TARGET 5060 5100 5150 SL BELOW 4980
BUY TURMERIC OCT ABOVE 7100 TARGET 7130 7170 7220 SL ABOVE 7050
SELL GUARGUM5 OCT BELOW 7950 TARGET 7920 7880 7830 SL 8000



Epic Research Limited is a supreme level financial advisory services provider firm .We have designed services for different investors as per their needs like mcx tips , equity tips, agri tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.
Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.
http://www.epicresearch.co/
or
mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 4520 ...

News Release: Epic Research Daily Agri Commodity Report Of 09 NOVEMBER 2017
Submitted on: November 09, 2017 05:12:11 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
advertisement