Epic Research Weekly Agri Commodity Report 19 JUNE 2017

Commodity News

Turmeric futures showed mixed trend on NCDEX as the June contracts
traded lower on reports of good rains in turmeric growing areas, while July
contracts traded higher on pick-up in demand from stockists and overseas
enquiries. The contract for June delivery was trading at Rs 5700.00, down
by 0.35% or Rs 20.00 from its previous closing of Rs 5720.00. The open
interest of the contract stood at 920 lots. The contract for July delivery was
trading at Rs 5806.00, up by 0.90% or Rs 52.00 from its previous closing of
Rs 5754.00. The open interest of the contract stood at 15855 lots on
NCDEX.

Jeera futures edged higher on NCDEX on the back of pick-up in demand
from stockists and overseas enquiries. Furthermore, tight stocks position
following restricted arrivals from the growing regions too fuelled the
uptrend. The contract for June delivery was trading at Rs 18825.00, up by
1.35% or Rs 250.00 from its previous closing of Rs 18575.00. The open
interest of the contract stood at 207 lots. The contract for July delivery was
trading at Rs 18860.00, up by 1.37% or Rs 255.00 from its previous closing
of Rs 18605.00. The open interest of the contract stood at 13161 lots on
NCDEX.

Coriander futures surged on NCDEX as participants enlarged their
positions on the back of rising domestic as well as export demand in the spot
market. Besides, limited stock positions following restricted arrivals from
major growing regions also fuelled the uptrend. The contract for June
delivery was trading at Rs 5063.00, up by 2.41% or Rs 119.00 from its
previous closing of Rs 4944.00. The open interest of the contract stood at
1670 lots. The contract for July delivery was trading at Rs 5165.00, up by
2.22% or Rs 112.00 from its previous closing of Rs 5053.00. The open
interest of the contract stood at 44700 lots on NCDEX.

Economic News

As demands for farm-loan waivers grow across Punjab, Haryana, Tamil
Nadu, Gujarat, Madhya Pradesh, and Karnataka -- after Uttar Pradesh
and Maharashtra wrote off loans worth Rs 36,359 crore and Rs 30,000
crore, respectively -- India faces a cumulativeloan waiver of Rs 3.1 lakh
crore, or 2.6 per cent of its GDP in 2016-17. A waiver of this scale could
pay for the 2017 rural roads budget 16 times over or pay for 443,000
warehouses or increase India's irrigation potential by 55 per cent more than
the achievements of the last 60 years. While such waivers could provide
succour for 32.8 million indebted farmers, an IndiaSpend analysis of the
impact of previous farm-loan waivers indicates such bailouts are band-aids
of uncertain efficacy and do not address a deeper malaise gripping the
agrarian economy. Over nine years to March 2017, the central and state
governments waived Rs 88,988 crore in loans to 48.6 million farmers. The
nationwide Rs 52,000 crore loan-waiver announced by the United
Progressive Alliance (UPA) in 2008 occupies the bulk of this figure.

In the longer run, you do need that (farm) workers come out of
agriculture into manufacturing and services jobs. If you don’t want to
leave this population in that (poor) state," reports had quoted economist
Arvind Panagariya as saying within months of taking over as government
think tank NITI Aayog’s deputy chairman. That’s rosy when those sectors
are doing well and the job market is booming as happened in 2005-2008.
But since then the two sectors have hardly fired. The finance ministry’s
economic survey revealed private investments shrank by 0.2% in 2016-17
compared to a growth of 3.9% the previous year. “Raising manufacturing
to 25% (of GDP, from 17% now) is the critical challenge," says N
Bhanumurthy, professor at National Institute of Public Finance and Policy.
Government initiatives such as Make in India and Startup India to push
manufacturing have so far not made a significant impact on national output
and job creation. Moreover, industries are investing heavily in automation,
requiring fewer workers.

Trading Recommendations

BUY GUARGUM5 ABOVE 7570 TARGET 7620 7720 SL BELOW 7520
SELL GUARGUM5 BELOW 7450 TARGET 7400 7300 SL ABOVE 7500

BUY CORIANDER ABOVE 4950 TARGET 5000 5100 SL BELOW 4900
SELL CORIANDER BELOW 4900 TARGET 4850 4750 SL ABOVE 4950

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This release was published on openPR.