Turmeric futures closed down 1% due to profit-taking and higher supplies from the new season crop. Soybean futures fell 1.3% on higher supplies compared to demand. The document recommends selling turmeric and soybean futures and provides buy and sell signals for various commodities. It also provides a chart analysis recommending selling guar seed futures between Rs. 3250-3240.
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Turmeric and Soybean Futures Close Down on Profit Booking
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TURMERIC:-
Turmeric futures closed down due to profit booking from higher levels as there are reports of good
production from new season crops. Currently the supplies are for medium and poor quality during the
rest of the season till new crop arrived which may keep the prices sideways to higher. It is expected
that the demand from the industrial buyers will support the prices just before new season harvesting.
Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year.
Turmeric trade ended the day at Rs. 7150 per quin which is approx 0.86% down against its previous
close. We recommend sell Turmeric futures during today’s trading session.
SOYBEAN:-
Soybean futures continue to close down due to higher supplies of new season crop compared to its
demand. The spot prices have dropped below the MSP in some places in States of MP, Maharashtra
and Gujarat Soybean prices to trade sideways to higher due to good demand from traders and mills for
new season crops may support prices. However, higher supplies in the physical market may pressurize
prices. Market participants have realize that soybean prices have bottom out and will be traded in a
tight range during the peak arrival season during Nov - Dec. Soybean trade ended the day at Rs. 3029
per quin which is approx 1.30% down against its previous close. We recommend sell Soybean futures
during today’s trading session.
NEWS HEADLINES
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CHART OF THE DAY
SELL GUARSEED DEC IN THE RANGE OF 3250-3240, WITH STOPLOSS OF 3320 FOR
THE TARGETS OF 3200 , 3160 .
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