11/02/2010 06:55:00 PM
Your Advisor
NCDEX -Commodity Trend
Despite increased arrivals compared to last week, Guar futures may trade sideways with positive bias in the coming days due to poor quality of fresh guar crop amidst improved demand for Guar and it’s by products. Also, the output which was expected to be much higher may decline by 12-15% due to off seasonal rainfall which may damage the crop. We expect arrivals to strength after the first week of November (i.e. after Diwali). Also, the quality crop would arrive by than. Thus, prices are expected decline after mid November as higher supplies may dampen the prices. Guar prices may trade in the range of Rs. 1900- 2300 per qtl in the Medium term.
Chana prices may remain sideways in the intraday. In the short term, Chana prices may gain by Rs. 70-80 per qtl on the reports of depleting stocks in the domestic markets and expectation of good demand from millers. However, November onwards, Chana futures are expected to remain under pressure on the reports of higher sowing acreage under Kharif Pulses and expectations rise in acreage under Rabi Pulses due to increase in MSP.
Turmeric prices in the intraday are expected to trade firm due demand from the local and overseas buyers. Prices in short term (till October), will depend on demand from the domestic and overseas buyers and growth of sown crop. In the long to medium term (November onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market participants.
For Intraday, soybean prices are expected to trade range bound with weak sentiments on fresh arrivals. In the medium term, soybean prices are expected to move southwards on account of increased arrivals in Madhya Pradesh, which is a major producing state of soybean and it contributes more than 50% of its total production. Existing better carry over stock this year as compared to last year are in favour of bears in the long term.
Click here to get All Commodity tips, mcx metal tips, ncdex tips , silver trend, gold trend, Tips on Mobile.
