NCDEX Barley prices ease on adequate supply
Barley prices at India’s National Commodities and Derivative Exchange (NCDEX) witnessed a bearish phenomenon. Barley June is now trading around Rs 1323-1336 per qtl levels.Adequate stocks position against reduced off take from consuming industries mainly led to decline in barley prices.
On Tuesday trade, barley rose to a high of 1336 Rs/qtl at 12.37 pm IST and is expected to trade negative in the near term. Support is at 1322, 1310 levels and resistance at 1350 & 1370, analyst said.
On daily charts, indicators were showing a sluggish picture. RSI at 36.34 is bearish and stochastic level is declining to lower levels. The commodity is trading below the 20 day SMA at 1355 levels.
Adequate stock position and global demand has impacted barley prices. Weak spot markets also reflected prices. We expect NCDEX Barley to trade on bearish note.
Selling pressure on Chana; Soybean to trade low
Cardamom futures (June) is expected to remain stable taking support above 750 levels. Exporters were buying moderate quantities and an estimated 50 tons of the material were claimed to have been bought by them.Jeera futures (June) will possibly trade in the range of 13100-13400 levels. Cumin seed arrival stood at 20,000-22,000 bags, while trade reported of 16,000-18,000 bags (per bag 55 kg). NCDEX quality quoted at Rs 2,315-2,415 per 20 kg in Unjha market of Gujarat.
Turmeric futures (June) is likely to remain below 6100 levels. Turmeric finger priced at Rs. 7,000 per quintal in Erode, root variety quoted at Rs 6,200 Salem per quintal.
Chana futures are likely to move further downside owing to selling pressure. Desi chana drifted down between Rs 25-50 per quintal in many mandis of Maharashtra, MP, Karnataka, UP, Rajasthan and Chhattisgarh on dull physical demand.
NCDEX Daily Report: Cotton Seed Oil Cake positive, Guar Seed slumps
Cotton Seed Oil Cake gained 2.55%. The June contract rose to a high of 1208 Rs/qtl.Cotton Seed Oil Cake July rose 1.81% to 1574 Rs/qtl. Strong physical markets and fresh arrivals at spot have impacted cotton seed prices. August declined to 1.56% to 1625 Rs/qtl.
Guar Gum June has fallen to 3.44% to 8710 Rs/qtl. Guar Seed arrivals across the country were 2390 MT for 24-May-13, which was 490 MT for corresponding day last year. According to market sources summer crop of Gujarat is expected to be 2 lakh MT. July declined to 3.17% to 8540 Rs/qtl.
Guar Seed June has fallen 2.60% to 26600 Rs/qtl. July declined 2.34% to 26330 Rs/qtl.
Castor Seed June has fallen 1.23% to 3224 Rs/qtl.
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