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Epic Research Daily Agri Commodity Report Of 18 DECEMBER 2017



Commodity News

Coriander futures edged higher on NCDEX as speculators created fresh positions, tracking pickup in demand at the spot market. Besides, tight stock positions following restricted arrivals from major growing regions also added support to coriander futures. The contract for December delivery was trading at Rs 5431.00, up by 0.24% or Rs 13.00 from its previous closing of Rs 5418.00. The open interest of the contract stood at 570 lots. The contract for January delivery was trading at Rs 5510.00, up by 0.88% or Rs 48.00 from its previous closing of Rs 5462.00. The open interest of the contract stood at 40910 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as speculators enlarged positions, driven by higher incentives for oil meal export.However, some gains were capped by reports that mills have a sufficient stock which slows their purchase. Meanwhile, US soybeans ticked higher, but were still on course for the biggest weekly loss in almost two months on expectations of rains in Argentina, the world's third biggest supplier.The contract for January delivery was trading at Rs 3032.00, up by 0.2% or Rs 6.00 from its previous closing of Rs 3026.00. The open interest of the contract stood at 262540 lots.

Jeera futures declined on NCDEX, as traders reduced their bets on expectations of further correction in the commodity rates amid muted domestic and overseas demand. Moreover, reports on good sowing progress in Gujarat have dragged the prices further. The contract for December delivery was trading at Rs 21260.00, eased by 0.65% or Rs140.00 from its previous closing of Rs 21400.00. The open interest of the contract stood at 2703 lots. The contract for January delivery was trading at Rs 21330.00, down by 0.77 % or Rs 165.00 from its previous closing of Rs 21495.00. The open interest of the contract stood at 10767 lots on NCDEX.

Economic News

Around 3.30 am every day when Bengaluru is still fast asleep, the Agriculture Produce Market Committee (APMC) yard in Yeshwanthpur is abuzz. The largest agriculture produce yard in the state, it is spread over 86 acres in the northwestern part of the city. The over 200 vegetable mandis at the yard are already a beehive of activity. Much of the fruits and vegetables consumed by Bengaluru — through retail shops, pushcarts or restaurants — pass through this wholesale market. S Ramesh, a farmer in his mid-50s has travelled all the way from Nagamangala, a town in Mandya district, about 120 km from Bengaluru. He arrived at the market the previous night with a truckload of capsicum grown on his farm. In the absence of a resting place in the cramped mandi, Ramesh and the truck driver take a nap in the truck before they start the day. The auction is yet to begin. Vegetable farmers like him live on hope and prayer. Price fluctuation can make their day or break them.

Union Minister Nitin Gadkari today said steel pipes will be used for irrigation instead of canal system, a move aimed at cutting down on land acquisition costs and promoting innovations. The transport and water resources minister, who was addressing a Moroccan delegation -- led by its Minister for Equipment, Transport, Logistics and Water Abdelkader Amara -- also said that India was keen to strengthening ties with the African nation. In one part of India, we have lots of water and the other faces shortages. Water conservation is important here and we are encouraging innovations and technologies. Now we have taken a decision that in place of canal system we will use steel pipes supplying water for irrigation. We are saving the cost of land acquisition," Gadkari said. He said land acquisition has become a costly proposition here and by using steel pipes not only sufficient savings will be there but the output will be more than double. "We are accepting lots of technologies in water resources ministry. We are encouraging drip irrigation.

Trading Recommendations

BUY CORIANDER DEC ABOVE 5530 TARGET 5560 5600 5650 SL BELOW 5480
BUY TURMERIC APR ABOVE 7520 TARGET 7550 7590 7640 SL BELOW 7470
SELL GUARGUM5 DEC BELOW 8380 TARGET 8350 8310 8260 SL 8430


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News Release: Epic Research Daily Agri Commodity Report Of 18 DECEMBER 2017
Submitted on: December 18, 2017 05:09:17 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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