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Showing posts with label Free Commodity. Show all posts
Showing posts with label Free Commodity. Show all posts

Wednesday, 13 February 2019

Cotton futures (Feb) is likely to plunge further towards 20100-20000 levels. 


Cottonprices moved lower in Punjab, Haryana and upper Rajasthan, tracking weakness in US natural fiber. Sharp decline in domestic futures along with higher output estimate in China also weighed on spot prices. Worries about a looming March 1 deadline for a US-China trade agreement also dragged prices lower. Meanwhile, negotiators from the United States and China, the world's top soybean buyer, are trying to hammer out a trade deal before a March 1 deadline, when US tariffs on USD 200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent. Guar seed futures (Mar) may face resistance near 4270-4300 levels, while guar gum futures (Mar) is expected to remain below 8450-8500 levels. The week-on-week declining ratio of guar seed to guar gum is depicting the fact that demand for these commodities are decreasing. Chana futures (Mar) is expected to take support near 4165 levels. The counter is trading higher at major markets in the country following firm cues from fresh physical trade activity at lower rates. Flour millers are actively purchasing chana due to cheaper prices and easy availability compared to White Pea. Moreover, the Cold waves and untimely rains may further damage the standing crop. Mentha oil (Feb) is likely to trade with a positive bias taking support near 1565 levels. Overall, sentiments are bullish as delayed sowing in the state is likely to affect the crop yield. As per reports, farmers are now worried as untimely rains and inclement weather conditions have delayed the sowing in key producing belts. The production is likely to be badly affected if weather conditions don't improve in the next few days. 

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Turmeric futures (Apr) is expected to take support near 6280 levels & witness short covering taking positive cues from the spot markets. 


The arrival of turmeric has been increased on Tuesday. The upcountry demand is expected within a fortnight. The market participants are expecting the arrival of the new Erode Turmeric by the first week of March, when abundant demand from North India may be received by the traders. Jeera futures (Mar) is expected to rally towards 15700-15800 levels, taking support near 15540. Spot jeera prices continued to rule steady at major markets in Gujarat in limited trade on Tuesday id matching demand and supply. This season, Gujarat has witnessed lower sowing, but due to cool weather persisting for a longer time, the yields are expected to get better. In Rajasthan, the climatic conditions are also proving to be beneficial for the standing crop & hence the production is likely to be higher. Coriander futures (Apr) is expected to plunge towards 6000-5900 levels. Spot coriander prices are trading with a bearish bias at major markets in Gujarat, Madhya Pradesh and Rajasthan due to heavy arrivals from the ample old stocks. While, prices quoted lower by Rs.20 per 20kg at major markets in Gujarat due to increased arrivals & having higher moisture content. On the other hand, there was no report of new crop arrival in Madhya Pradesh.


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Friday, 8 February 2019

Soybean futures (Feb) is expected to witness consolidation in the range of 3725- 3795 levels.

Data compiled by the Solvent Extractors’ Association of India (SEA) showed a sharp jump in soybean meal exports during the period under review from 23,000 tonnes to 2.8 lakh tonnes with the Iran market opening up. Mustard futures (Feb) is likely to fall further towards 3880 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season.Three spells of rains in December and January have boosted moisture in the soil,which increased yields in Rajasthan. Mustard carryover stocks are seen at 500,000 tn in the year ended January, up from 400,000 tn last year. CPO futures (Feb) is likely to witness profit booking from higher levels facing resistance near 575 levels. The majority of oils in Indore mandis have been trading low for the past few days on slack physical demand with soy refined quoted at Rs.777-80 for 10 kg (down Rs.10), while soy solvent ruled at Rs.740-45. Similarly, palm and cotton oils also traded low with palm oil being quoted at Rs.695 (down Rs. 5), while cotton oil (Gujarat) at Rs.715 and cotton oil (Indore) at Rs.755 respectively.

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Tuesday, 5 February 2019

The bearish trend of turmeric futures (Apr) is likely to get extended further to test 6300 amid supply pressure of new crop & estimates of higher output. 


On the spot market, the new turmeric price also showed a dip. This decrease is due to quality and also there was no major upcountry demand. The arrival of new turmeric is also remains low and the traders are expecting good arrival of new turmeric within a week’s time. Jeera futures (Mar) is likely to go down further & test15500 levels. On the spot markets, the prices are showing a negative reaction to the arrivals which are sharply higher than expectations & with buyers reported to be less, a selling pressure Is getting built over the counter. Coriander futures (Apr) is expected to witness lower level buying taking support near 6545-6500 levels. The new coriander crop, which started coming into the key wholesale market of Ramganj in Rajasthan, is being sold at a price 20% higher than last year. Cardamom futures (Feb) may enter a correction mode to test 1530 levels. On the export front, the demand is getting dull as India is out of the league because of the pesticide issue with Saudi Arabia. The market participants are pessimistic and expecting that overseas sales of cardamom slump to an 11-year low. After a year of record high exports of 5,680 tons in 2017-18, it is being anticipated that in 2018-19, this figure may be in three-digits of merely 900 tons. 



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Monday, 4 February 2019

Soybean futures (Feb) is expected to take support near 3750 & trade with an upside bias.

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Despite weak physical demand, both soy oil and soybean ruled firm amid declining arrival and weak availability of soybean seeds with the crushers, with soy refined quoted at ₹778-80 for 10 kg, while soy solvent ruled at ₹745-50. In the global market, the traders would be staying cautious to take conclusions from the USDA’s final report on 2018 crop production & monthly crop supply/demand report on Feb. 8, which were delayed by the partial U.S. government shutdown that ended last week. The recovery in mustard futures (Feb) seems to be temporary and may face resistance near 4020 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season. CPO futures (Feb) has been witnessing one sided rally for the past five weeks & may remain stable in the range of 560-570 levels. Malaysian palm oil futures moved higher on Monday, supported by expectations of easing inventory levels. However, a stronger Ringgit capped gains. Malaysian markets are closed from the afternoon session for the Lunar New Year holiday and will reopen on Thursday

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Sunday, 6 January 2019


BULLION:- counter may continue its last week upside momentum following comments by U.S. Federal Reserve Chairman Jerome Powell that the central bank would be patient and flexible in steering the course of interest rates. The Fed chairman on Friday sought to ease market concerns that the U.S. central bank was ignoring signs of an economic slowdown, saying he was aware of the risks and would be patient and flexible in policy decisions this year. Gold can test 31650 in MCX taking support near 31370 in MCX and silver can move further upwards towards 39500. U.S. employers hired the most workers in 10 months in December while boosting wages, pointing to sustained strength in the economy that could ease fears of a sharp slowdown in growth. Gold discounts in India widened to a two-month high last week as prices surged to a more than six-month peak and demand remained subdued due to New Year holidays. Chinese officials will meet their U.S. counterparts for trade negotiations starting later Monday, the first face-to-face talks of the year.

BASE METALS:- prices may continue last week recovery on the hope of trade deal between US and China this week. Copper can take key support near 400 and can recover towards 416. Zambia's Konkola Copper Mines (KCM), majority owned by Vedanta Resources, suspended operations at its Nchanga mine following the introduction of import duty on copper concentrates, the company said. Zambia, Africa's No.2 copper producer, introduced new mining duties, increased royalties and plans to replace Value Added Tax (VAT) with a sales tax by April to help bring down mounting debt. Zinc can recover towards 175 taking support near 168. China's steel and iron ore futures started the week firmly on Monday, buoyed by central bank policy easing and by hopes that talks could help end Sino-U.S. trade tensions. China's central bank on Friday cut the amount of cash that banks have to hold as reserves for the fifth time in a year, freeing up $116 billion for new lending. Lead can take support near 134 and can face resistance near 138. Nickel can take witness further recovery as it can test 785. Aluminium can take improve further towards 131 levels taking support near 128 levels. 

ENERGY:- Crude oil may trade in green as oil prices rose by more than 1 per cent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, due to start on Monday, would lead to an easing in tensions between the two biggest economies in the world. Crude oil can test 3400 while taking support near 3300. Despite the likelihood of a slowdown, crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia. Natural gas may open in red as it can tumble lower towards 200 in MCX. The number of rigs drilling for natural gas in the United States remains unchanged this week at 198, data from oil services firm Baker Hughes showed on Friday. Horizontal rigs -- the type most often used to extract oil.


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