(MENAFNEditorial) Commodity News
Coriander futures showed mixed trend on NCDEX as June contract edged higher as speculators enlarged their holdings on the back of improved demand in the spot market, while July contract edged lower on rising arrivals from major producing belts. The contract for June delivery was trading at Rs 4649.00, up by 0.28% or Rs 13.00 from its previous closing of Rs 4636.00. The open interest of the contract stood at 19210 lots. The contract for July delivery was trading at Rs 4731.00, down by 0.36% or Re 17.00 from its previous closing of Rs 4748.00.The open interest of the contract stood at 36790 lots on NCDEX.
Jeera futures edged up on NCDEX supported by increased buying by retailers and stockists in the domestic spot market. Furthermore, fall in supplies from producing belts also added support to jeera prices uptrend. The contract for June delivery was trading at Rs 18480.00, up by 0.57% or Rs 105.00 from its previous closing of Rs 18375.00. The open interest of the contract stood at 3870 lots. The contract for July delivery was trading at Rs 18330.00, up by 0.52% or Rs 95.00 from its previous closing of Rs 18235.00. The open interest of the contract stood at 11910 lots on NCDEX.
Turmeric futures showed mixed trend on NCDEX as the June contracts traded lower as the turmeric arrivals in the country are higher in the month of May. Reports showed about 72,120 tons arrived in May 2017 compared to 30,703 tons during May last year, while July contracts traded higher supported by increased buying by retailers and stockists in the domestic market. The contract for June delivery was
trading at Rs 5310.00, down by 0.19% or Rs 10.00 from its previous closing of Rs 5320.00. The open interest of the contract stood at 9000 lots. The contract for July delivery was trading at Rs 5372.00, up by 0.26% or Rs 14.00 from its previous closing of Rs 5358.00.
Economic News
The scientist who led the studies to develop a genetically modified, higher yielding mustard is hopeful that the environment ministry will soon grant permission for its commercial release. Deepak Pental said he has already been approached by local seed companies to get licence for the GM mustard that yields 30 per cent more than the current varieties. He expects the cost of the seed to be affordable to farmers. The research was carried out at Delhi University's Centre for Genetic Manipulation of Crop Plants. It was funded by the Department of Biotechnology and National Dairy Development Board. The National Academy of Agriculture Sciences, a government-funded research body, has written to the Prime Minister requesting him that the Centre accept the Genetic Engineering Appraisal Committee (GEAC) recommendations and allow the release of GM mustard to benefit farmers, consumers, national economy and the environment. On May 11, the regulator for transgenic products, GEAC under the environment ministry, recommended approval for commercial production of GM mustard.
The Punjab government today gave in-principle approval to a pilot project under which an Israeli company would provide technical knowhow to farmers for boosting crop yield and farm income. The project would be undertaken in collaboration with Israel-based farming solutions provider ARNA. Punjab Chief Minster Amarinder Singh today gave in- principle approval for the pilot project to provide affordable technical knowhow to the state's beleaguered farmers for boosting their crop yield and income, and facilitating crop diversification, an official spokesperson said. The company would provide a state digital agriculture platform with a database of all Punjab farmers, besides tracking their agriculture activities, such as fertiliser usage, timely soil, water and tissue analysis. The project would be aimed at enhancing crop quality and yield, thereby increasing their capability to repay their debts, the spokesperson said. Earlier, in a presentation to the Chief Minister, Arik Matlaw of ARNA said the company would provide a comprehensive solution for balanced and optimal use of fertilisers by the farmers.
Trading Recommendations
SELL CORIANDER APR BELOW 4600 TARGET 4570 4530 4480 SL ABOVE 4650
BUY TURMERIC MAY ABOVE 5400 TARGET 5430 5470 5520 SL BELOW 5350
SELL GUARGUM 5 MAY ABOV BELOW 7100 TARGET 7070 7030 6980 SL ABOVE 7150
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