Daily Newsletter Newsletter-Agri Agri Commodity 11/12/2010
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MARKET WRAP Turmeric drops on short selling Pepper drops on selling pressure Jeera trades down on better sowing ideas Soy oil hits over 2-½, year high on demand Cardamom tumbles on profit booking Mentha oil declines on short selling Guar falls on arrivals Chana down on output view
Lower stocks of turmeric till the fresh arrivals expected in the month of February will keep the prices firm in the near month contract. Prices will also take cues from the demand from overseas and domestic buyers. Jeera prices dipped due to better sowing activity in the growing areas and thereby better output is keeping prices weak. According to government data Jeera sowing is down by 25.2% in Gujarat. Market participation in Pepper is expected to be limited in the coming days since most of the exporters and growers take a break during Christmas and New Year period. Mustard seed production may increase this year but a lot will depend upon the near term weather. At international levels, stocks are also expected to decline mainly in European Union thus supply situation is expected to remain very tight in these countries which may fuel the international market sentiments. Chana sowing in Madhya Pradesh is up by 1.8%.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Consolidate • Sell on highs
CHANA (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 1330 • R1 - 1265
Resistance
• R2 - 2490 • R1 - 2470
Support
• S1 - 1210 • S2 - 1180
Support
• S1 - 2440 • S2 - 2420
GUARGUM (DEC) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
•Consolidate Consolidate •Sell Sell on highs
Resistance
• R2 - 6400 • R1 - 6300
Resistance
• R2 - 2500 • R1 - 2570
Support
• S1 - 6090 • S2 - 6035
Support
• S1 - 2400 • S2 - 2360
JEERA (DEC) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 14200 •R1 - 14000
Resistance
• R2 - 1160 • R1 - 1135
Support
•S1 - 13500 •S2 - 13225
Support
• S1 - 1100 •S2 - 1070
MUSTARD SEED (DEC) Trend Strategy
• Bearish • Sell on highs
PEPPER (DEC)) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 570 •R1 - 565
Resistance
•R2 - 22250 •R1 - 21800
Support
•S1 - 560 •S2 - 556
Support
•S1 - 21300 •S2 - 21000
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2365 •R1 - 2250
Resistance
•R2 - 15430 •R1 - 14900
Support
•S1 - 2215 •S2 - 2205
Support
•S1 - 14300 •S2 - 13900
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