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Epic research weekly agri report 04th to 8th may 2015
1. WEEKLY AGRI COMMODITY REPORT
05 May 2015
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2. Weekly Wrap Up
2
MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL
CORIANDER
MAY 10200 10620 9951 10400 +1.26 5871
INTRADAY
LEVELS
SUPPORT SUPP.1
10027
SUPP. 2
9655
PIVOT
10324
Coriander short term
trend is up, further
more upside side is
expected in comimg
days.
RESISTAN
CE
RES. 1
10696
RES. 2
10993
CASTORSEED
MAY 3794 3838 3670 3694 -2.82 5021
INTRADAY
LEVELS
SUPPORT SUPP. 1
3630
SUPP. 2
3566
PIVOT
3734
Castorseed short term
trend is down, Prices
expected to go down in
coming days.RESISTAN
CE
RES. 1
3798
RES. 2
3902
TURMERIC
MAY 8400 8870 8262 8300 -0.38 6033
INTRADAY
LEVELS
SUPPORT SUPP. 1
8085
SUPP. 2
7869
PIVOT
8477
Turmeric short term
trend is up and may
continue in coming
days.RESISTAN
CE
RES. 1
8693
RES. 2
9085
GUARGUM
MAY 12770 13000 11450 11760 -7.40 5947
INTRADAY
LEVELS
SUPPORT SUPP. 1
11140
SUPP. 2
10520
PIVOT
12070
Guargum Short term
trend is up, Expecting
price may go up in
coming days.RESISTAN
CE
RES. 1
12690
RES. 2
13620
4. Commodities In News
4
ECONOMIC NEWS
๏ The government announced a number of steps to support local sugar
producers grappling with excess output and low prices, and help them
pay arrears totalling over Rs 20,000 crore to cane farmers.It increased the
import duty on sugar to 40 per cent from 25 per cent and withdrew duty-
free imports of raw sugar. Both measures are aimed at curbing supplies
from overseas to support local prices. It also removed a 12.36% excise
duty levied on ethanol supplied for blending with petrol. Sugar producers
need to pay state-set prices for cane. Ex-mill sugar prices are at a six-
month low after another year of surplus production and abundant
supplies in the global market. Because of this, mills say they are unable
to pay the arrears, which totalled Rs 20,099 crore as on March 31. the
immediate need of the industry is reducing a surplus of 3.5 million tonne
of sugar, which is blocking almost . 10,000 crore of cash flows for the `
industry . He wants the government to buy this sugar.The increase in
import duty would curb imports due to any drop in global prices, said the
government. Under the withdrawal of duty-free import authorisation
scheme, refiners are allowed to import raw sugar, refine it and then
export. The government reduced the time for completing exports under
its advanced authorisation scheme to six months from 18 months, to
prevent any possibility of it leaking into the local market. Non-payment
could lead cane farmers to switch to other crops, reducing local sugar
production and driving up prices, a situation that develops every few
years in India Cane arrears to farmers have touched Rs 21,000 crore as
sugar mills are facing difficulty in making payments due to low sugar
prices and high cost of production.Sugar output is estimated to cross 27
million tonnes in the 2014-15 marketing year (October-September), as
against 24.3 million tonnes in the previous year. The annual domestic
demand is about 24.8 million tonne.To bail out the cash-starved sugar
industry, the Centre had in August last year hiked the import duty on
both raw and refined sugar to 25 per cent from 15 per cent. In February
this year, it provided a subsidy of Rs 4,000 per tonne for the exports of
1.4 million tonnes of raw sugars.
๏ Guarseed continued to ease as stockists refrained from buying after massive
gains in the last few sessions. The demand for seeds stalled in the local markets
even as arrivals remained thin. The pace of arrivals is set to weaken in major
guar producing mandies in coming weeks and output in next season starting
from June could be severely hit it monsoon plays truant. The daily guarseed
arrivals have reduced in local mandies from 55-60 thousand bags last year to
around just 35 thousand bags today. The commodity had soared to its one year
high of Rs 5240 per quintal in Jodhpur earlier this week but has retreated
thereafter.
๏ Coriander stayed supported amid quality worries though is getting thin as
prices linger at three month highs. The commodity has gained in last few weeks
amid worries that rainfall in Rajasthan would affect the quality of the crop
arriving in local mandies. The commodity has been on an upward trajectory in
last few days on lack of good quality crops even as arrivals remained steady.
Spot prices linger at Rs 9701 per quintal in Kota, up Rs 60 per quintal on the
day.
๏ Coriander stayed supported amid quality worries though is getting thin as
prices linger at three month highs. The commodity has gained in last few weeks
amid worries that rainfall in Rajasthan would affect the quality of the crop
arriving in local mandies. The commodity has been on an upward trajectory in
last few days on lack of good quality crops even as arrivals remained steady.
Spot prices linger at Rs 9701 per quintal in Kota, up Rs 60 per quintal on the
day.
๏ Turmeric stays supported as growers are refusing to sell at lower levels.
Traders are eying the crop in Maharashtra nervously after the recent rainfall and
hailstorms. The commodity has stayed supported after falling to seven week
low last week one month back as upcountry demand supported. However, over
a medium term, traders are expecting further decline in the coming days due to
possibility of new supplies from other producing states, primarily in Karnataka
in near term.
5. 5
NEWS RECAP
COMMODITY HEADLINES
๏ Consumption demand to lift India to 7.7% GDP growth in FY16.
๏ Arrears to sugarcane farmers touch Rs 21,000 crore: Government.
๏ India to voluntarily reduce emission intensity of GDP by 20-25 per cent by 2020.
๏ Wheat procurement may miss 30-million tonnes target this year: Government.
๏ Government may soon announce steps to clear sugar mills dues of Rs 20,000 crore.
๏ India changes norms for preferential quota Sugar exports to EU, US.
๏ India hikes import duty on Sugar to 40%.
๏ Import duty on sugar up to 40%, no excise on ethanol for blending.
๏ Duty perks to help sugar producers pay Rs.20,000 crore dues.
๏ Sugar output rises 14.27% to 27.37 million tonnes in October-April.
๏ 40% of India still banks on monsoon for agriculture.
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