Spices Insight
Commodity Research Desk
Cardamom
Technical recommendation
Commodity
Contract
Cardamom MCX
Jun-16
17 May 2016
S2
S1
802
CLOSE
808
815.4
R1
825
R2
Recommendations
834
Sell at 820-822 TP 795 SL 831
MCX Futures Price Daily Performance (Rs/Kg)
Exchange
Cardamom
Cardamom
Cardamom
Contract
Jun-16
Jul-16
Aug-16
Open
831.00
848.50
865.00
High
832.00
850.00
865.00
Low
808.90
840.00
854.30
Last
815.40
845.90
858.20
Review:
% Change
-2.22%
-1.81%
-1.59%
Volume
975
75
18
% Change
55.75%
188.46%
500.00%
OI
1269
241
174
% Change
4.44%
0.84%
0.00%
Derivative Analysis (Active Contract)
Cardamom June futures fell sharply as picked up sentiments of
OPEN_INT
870
heavy rainfall in major places of Kerala.
However, steady domestic demand along with good export
demand amid decreasing supplies in the spot market limited the
PX_VOLUME
PX_LAST
1400
860
1200
850
1000
840
800
830
600
820
400
810
200
fall.
Markets failed to pick up sentiments of delayed monsoon as
overall monsoon is expected to be above normal.
June futures closed at Rs.815.40/kg, down by 2.22% while July
800
0
4-May
and August futures closed with losses of 1.81% and 1.59%
5-May
6-May
9-May
10-May 11-May 12-May 13-May 16-May
respectively.
Spot auctions were closed yesterday as Kerala and Tamil Nadu
went for polls.
th
As on 14 May 2016, MCX warehouses have 32.90 MT stocks
Basis:
eligible for delivery.
Outlook:
0.0
Spot - June
-10.0
Cardamom futures are expected to trade lower on pre monsoon
-20.0
showers in Kerala. Forecasts of heavy rainfall in Kerala and TN for next
-30.0
three days may also weigh negative sentiments on the market. Steady
-40.0
-50.0
demand at the spot market amid decreasing supplies may limit the fall
-60.0
for cardamom.
-70.0
-80.0
According to derivative analysis, there is decrease in price while
volume and open interest has increased for three most active
contracts. Hence, we recommend selling cardamom futures at higher
levels for the day.
Mail us at commodity@karvy.com
-90.0
4-May 5-May 6-May 9-May 10-May 11-May 12-May 13-May 16-May
E= Insight
Spices
Turmeric Insight
Technical Recommendation:
Commodity
Contract
Turmeric NCDEX
S2
Jun-16
S1
8004
CLOSE
8043
R1
8086
R2
8131
8172
Recommendations
Sell at 8120-8130 TP 7900 SL 8250
NCDEX Futures Price Daily Performance (Rs/quintal)
Exchange
Turmeric
Turmeric
Turmeric
Contract
Jun-16
Jul-16
Aug-16
Open
8112
8082
8180
High
8150
8176
8234
Low
8030
8046
8172
Last
8086
8116
8212
Change (%) Volume
4490
-0.42%
915
-0.07%
155
0.05%
Change (%)
77.82%
-17.19%
206.67%
OI
25940
3860
315
Change (%)
-0.97%
-1.53%
26.00%
Review:
Derivative Analysis (Active Contract)
Turmeric June futures traded in range bound on lack of cues from major
spot markets.
OPEN_INT
PX_VOLUME
PX_LAST
Subdued trading activities due to closure of markets in TN for elections
8400
30000
and conflict between traders with the government in Nizamabad resulted
8300
25000
8200
20000
8100
15000
8000
10000
7900
5000
7800
0
in closure of markets.
June futures closed the trade at Rs.8086/quintal, down by 0.42% while
July posted with marginal losses of 0.07%.
Nizamabad MP has urged Centre government to list MSP for turmeric to
protect farmers from price fall and have urged for setting up Turmeric
Board in Telangana.
At Warangal, arrivals were at 47.5 tonnes and prices traded in range of
Rs.7900-8200/quintal for both variety.
In a report released on 15
th
Calendar Spread (July-June)
May 2016, IMD said that monsoon is
th
expected to be delayed and will hit Kerala by 7 June 2016.
NCDEX accredited warehouses have 4630 MT of valid stock and 189 MT
July-June
150
th
of stock in process as on 15 May 2016.
100
Outlook:
50
We continue to sell turmeric futures on weak demand scenario in the market.
0
Subdued trading activities in the spot markets may weigh negatively on the
-50
market. Limited upcountry demand may weigh down the market. However,
anticipation of export demand for turmeric ahead of Ramzaan may limit the
fall for turmeric during today. According to derivative analysis, there is
decrease in price and open interest while volume has increased for June
contract. Hence, we recommend selling turmeric futures at higher levels
during today.
Mail Us at commodity@karvy.com
3-May 4-May 5-May 6-May 9-May 10-May 11-May 12-May 13-May 16-May
E= Insight
Spices
Insight
Jeera
Technical Recommendation:
Commodity
Contract
Jeera
NCDEX
Jun-16
S2
S1
CLOSE
16188
16304
16430
R1
16636
R2
16818
Recommendations
Trading range 16200-16650
NCDEX Futures Price Daily Performance
Exchange
Jeera
Jeera
Jeera
Contract
June
July
Aug
Open
16750
16960
17235
High
16815
16985
17260
Low
16365
16535
17185
Last
16430
16595
17240
Chng (%)
-1.9%
-1.9%
0.3%
Vol
Chng (%)
60.6%
27.6%
-56.7%
2166
1374
39
OI
18342
2757
777
Chng (%)
-1.74%
17.8%
4.0%
Review:
 During Monday’s trading session, jeera futures witnessed volatility
and settled the day on marginally negative note as investors
Derivative Analysis (Active Contract)
liquidated their positions.
OPEN_INT
 Hence, jeera June contract settled the day at Rs.16430 down by
1.9%.
 On spot market front, jeera prices reported at around 17500-17800
per quintal.
 The total arrivals reported at around 9000 bags at Unjha market.
PX_VOLUME
18000
17500
17000
16500
16000
15500
3000
2500
2000
1500
1000
500
0
 According to the trade sources, India's jeera production in 2016-17
is around 45 lakh bags (1 bag = 55 kg), against the early projection
of 55 -60 lakh bags.
 Stock positions at the NCDEX accredited warehouses are 4051
Calendar Spread
tonnes and 105 MT are in process as on 13 May 2016.
Outlook:
For the day, jeera futures are expected to trade on a range bound basis
because of prevailing uncertainty in price. Absence of domestic demand
and money crisis in the spot markets are pulling the market down.
Marginal fall in supply due to the lean season might add some positive
sentiments in the Jeera market. However, the trends remain positive for
medium to long term due to supply concerns from Syria and Turkey, the
two major exporting countries.
According to the derivative analysis, prices and open interest are down
while volume is up. That means participation towards selling side is more
and due to prevailing uncertainty in prices investors are exiting their
positions towards end, indicating weakness in market. Hence for intraday
we recommend to trade jeera within the given range.
Mail Us at commodity@karvy.com
250
200
150
100
50
0
PX_LAST
July-June
E= Insight
Spices
Coriander Insight
Technical Recommendation
Commodity
Contract
Dhaniya NCDEX
Jun-16
S2
S1
7157
7215
CLOSE
7278
R1
R2
7366
7444
Recommendations
Buy at 7220-7210 TP 7450 SL 7100
NCDEX Futures Daily Price Performance (Rs per Quintal)
Commodity
Coriander
Coriander
Coriander
Contract
June
July
Aug
Open
7314
7418
7524
High
7430
7491
7524
Low
7225
7301
7450
Last
7278
7360
7483
Change% Volume
-1.1%
6870
-1.1%
1430
-0.5%
80
Change%
26.8%
-51.7%
166.7%
OI
19400
2660
130
Change%
-1.08%
4.3%
8.3%
Derivative Analysis (Active Contract)
Review:
 Coriander futures witnessed volatility during Monday’s trading
session. Futures started traded on a positive note, but later on
OPEN_INT
the prices started falling as traders booked profit at the current
level.
 On spot market front, at Kota market, prices hovered in the
range of Rs.6200-6500 per quintal.
 On arrivals front, at Kota and Baran market total arrivals were
around 3000, 2000 bags respectively.
PX_VOLUME
7500
7400
7300
7200
7100
7000
6900
6800
3000
2500
2000
1500
1000
500
0
 Stock positions at the NCDEX accredited warehouses are 417
tonnes and 396 MT are in process as on 09 May 2016.
 On cumulative note, spot markets are steady in the absence of
fresh cues, however futures market dipped due to profit booking.
Calendar Spread
Outlook:
For the day, coriander futures are expected to trade on a positive
note. Diminishing production trend, shrinking stocks in the market etc
July-June
200
might add positivity in the market. In addition, farmers are reluctant to
150
sell their crops at lower rate and holding back their produce further
100
fuel the price. However, volatility may be witness during the day due
50
0
to the price uncertainty.
-50
According to the derivative analysis, prices and open interest are
down while volume is up. That means participation towards selling
side is more and due to prevailing uncertainty in prices investors are
exiting their positions towards end, indicating weakness in market.
Mail Us at commodity@karvy.com
PX_LAST
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