1/06/2011 05:45:00 PM
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Commodity MCX, NCDEX Updates
• Guar prices closed above its 10-Day EMA and at its 20- Day EMA indicating a bullish trend.
• 14-days RSI is at 55.5 and is in neutral region.
• MACD is in the negative territory.
Guar futures may recover gradually in the current week due to demand from the overseas and local buyers. In the medium term trend would depend on final crop estimates of Guar by the state farm department and the demand from the overseas markets. Movement of Indian Rupee against US dollar and the trend in crude oil prices would also influence Guar futures in the long run.
• Chana prices on daily charts closed below its 10-days and its 20-days EMA, indicating bearish market sentiments.
• 14-days RSI is at 45.7 and is in neutral region.
• MACD is in the negative territory.
Chana prices may trade range bound with negative bias due to dull demand from the domestic buyers. In the short to medium term (1-2 week), price gains may be capped on positive reports of sowing and rising arrivals of Kharif pulses. Long term trend in Chana futures may depend on the reports sowing of Rabi Pulses which is presently expected to be higher due to increase in MSP of Pulse. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.
• Prices closed above its 10-Day and its 20-Day EMA indicating bullish trend.
• The 14-Day RSI is at 53.8 and is in neutral region.
• MACD is in the positive territory.
Turmeric prices in the intraday are expected to trade bearish due to lower offtakes. Any revival of fresh orders from the domestic buyers may however support prices to strengthen. Prices in short term (till mid of January), will depend on demand from the domestic and overseas buyers and growth of sown crop. In medium to long term (January end onwards), prices is likely to take cues from the turmeric stocks and production estimates reported by the spot market
participants.
• Prices closed above its 10-Day and its 20-Day EMA indicating bullish trend.
• The 14-Day RSI is at 56.1 and is in neutral zone.
• MACD is in the positive territory.
Jeera prices in the intraday will trade sideways to firm due improved buying by the market participants. In the short term (till mid of January), trend will depend on jeera price parity of various origins in international market and stocks of jeera with local stockists. In the medium to long term (January end onwards) prices are likely to take cues from demand from the overseas and domestic buyers and production estimates in India.
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