Commodity NCDEX Trend for the day

Commodity NCDEX Review

Guar Trend
Guar futures today may trade firm on likely improved demand from local stockists. Prices may also trace the arrival pattern, which have been lower this week. In the short term, we expect Guar prices to recover gradually from the current level as the arrivals will decline further whereas demand from the overseas market would improve in the coming weeks. In the medium term trend prices would depend on the final crop estimates of Guar by the Rajasthan farm department and the demand from the overseas markets.

Chana Trend
Chana prices may trade range bound with reports of crop damage in M.P and better production of Chana in 2011. In the short to medium term (1-2 week), price gains may be capped on positive reports of sowing and fresh arrivals from Karnataka. Long term trend in Chana futures may depend on the crop estimates of rabi Chana. Also, weather during the crop development period may be crucial for the deciding the further trend of Chana futures.

Sugar Reivew
Sugar futures may continue to trade lower in the short term (till January) as crushing is progressing well in Maharashtra and UP. Decision on delay in exports would also add to the bearish market sentiments. Spot prices at Kolhapur are expected to trade in the range of Rs. 2750 and Rs. 3000 per qtl levels in the month of January. In the medium to long term Sugar prices are expected to recover due to supply tightness in the global markets amidst higher parity of the international Raw as well as white sugars.

Soybean Trend
On Intraday basis, soybean prices are expected to trade range bound with sentiments on losses of Soybean futures at Chicago Board of Trade. Mustard seed prices are expected to trade slightly lower on account of higher production estimates of RM Seed this year as compared to last year. Soy oil prices are expected to trade range bound on lack of fresh fundamentals. However, (for long term perspectives) prices are expected to move northwards as global shortage of vegetable oil couple with strong demand of edible oils

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