Daily Newsletter Newsletter-Agri Agri Commodity 04/06/2011
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MARKET WRAP Chana up on demand Jeera falls on weak exports Pepper falls on profit booking Soy oil, soybean extend gains on world market Guar gum hits upper circuit on fresh buying Mentha oil soars on firm demand Cardamom weakens on profit booking Turmeric falls on weak exports
Turmeric prices in the intraday will trade sideways due to lackluster demand from local stockists. Demand from north India is also poor that is why traders are not interested in bulk buying. Jeera prices in the intraday will trade sideways to up due to dwindling arrivals in the domestic market. Any reports of crop damage in Syria might support prices in the short term. Trade of cheap imported pepper along with panic selling due to introduction of special margin might add to the down side. Hoarding of Pepper by the Vietnam farmers will also help prices to remain firm. The concerns about the early onset of the monsoon might raise the hopes for higher acreage under guar seed which might affect market sentiments for coming days. Good demand for Chana across the spot market ahead of upcoming festive season is likely to support the prices. The near term demand for the edible oil and the soy bean for sowing purposes may lend support to the oil prices. Lack of buying interest at spot market might weigh on Cardamom prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JUNE) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 745 • R1 - 730 • S1 - 705 • S2 - 685
Support
GUARGUM (JUNE) Trend
• Bullish • Buy on dips
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2600 • R1 - 2575
Support
• S1 - 2530 • S2 - 2500
GUARSEED (JUNE JUNE) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 11100 • R1 - 10900
Resistance
• R2 - 3450 • R1 - 3400
Support
• S1 - 10500 • S2 - 10300
Support
• S1 - 3300 • S2 - 3260
JEERA (JUNE) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (JUNE JUNE) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 14750 • R1 - 14400
Resistance
• R2 - 920 • R1 - 900
Support
• S1 - 13800 • S2 - 13500
Support
• S1 - 875 • S2 - 860
PEPPER (JUNE) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 29600 • R1 - 29250
Resistance
• R2 - 670 • R1 - 665
Support
• S1 - 28500 • S2 - 28000
Support
• S1 - 655 • S2 - 650
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2430 • R1 - 2410
Resistance
• R2 - 7670 • R1 - 7500
Support
• S1 - 2350 • S2 - 2325
Support
• S1 - 7300 • S2 - 7200
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