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Archive for June, 2015
Prices continued to remain firm for Guar even as favorable reports continued on the Monsoon front. Traders anticipate rates are on the lower side and further downtrend may be limited. Prospects of Monsoon weakening in July too could support the prices to some extent.
Even as some weakness was noted for Turmeric, prices continued to hover near the 7000 levels. With rates having fallen a lot, there are expectations of some bounceback. But improved Monsoon reports amidst expectations of improved sowing in coming days prevented any strong recovery for the counter.
Jeera failed to hold on to the higher levels as low trading activities in mandis kept sentiments down. Traders however anticipate prices have fallen a lot and some moderate recovery may be there as demand starts rising. However, rains in Gujarat and prospects of Monsoon reaching North-West India soon are preventing strong upside movement.
Moderate firmness persisted for Mentha Oil as overall strong Fundamentals kept supporting the prices. Rising demand amidst low production and fall in arrivals are expected to support the prices. Possibilities of rains in growing areas in coming days could perk up prices further.
Chana traded with high volatility as short covering at the lower levels supported the prices while favorable reports on the Monsoon front prevented any strong upside movement. Rajasthan Govt imposing stock limit on Pulses had a bearish impact as favorable Monsoon reports too kept trend weak. Effective 7th July to 30th Nov, the limit for wholesalers is 2500 Q for 45 days and for retailers : 250 Q. Trend looks somewhat weak even as prices are trading at strong support levels.