Daily Newsletter Newsletter-Agri Agri Commodity 15/07/2011
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MARKET WRAP Chana rises on weak arrivals Jeera up on export demand Pepper surges on supply crunch Cardamom drops on sluggish demand Guar gains on domestic demand Turmeric up on lower sowing Mentha oil slumps on poor demand
There is some scope for upside movement on the back of a strong demand of Mentha oil from pharmaceutical companies, besides export demand. Chana futures at multi weeks’ high may now take a pause. Profit booking may take a toll on the nuts. The upside in guar complex may remain supported mainly by two reasons i.e. apprehension of fall in acreage farmers diverting towards cotton & greater usage inquiries from oil drilling sector. Turmeric futures may remain sideways following reports of slowdown in sowing due to poor rains in producing regions. Good export & domestic demand, lower stocks and a fall in production of Pepper are likely to support the market sentiments in the near term. Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks. Broad fundamentals like the lower global oil seed production forecast and rape seed crop concerns in Ukraine might drive the prices upside. CPO futures are likely to dip on Malaysian prices.
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 860 • R1 - 845 • S1 - 815 • S2 - 800
Support
GUARGUM (AUG) Trend
• Bullish • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3060 • R1 - 3030
Support
• S1 - 2960 • S2 - 2935
GUARSEED (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 13150 • R1 - 12900
Resistance
• R2 - 4100 • R1 - 4050
Support
• S1 - 12330 • S2 - 12100
Support
• S1 - 3935 • S2 - 3880
JEERA (AUG) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 16000 • R1 - 15600
Resistance
• R2 - 1100 • R1 - 1080
Support
• S1 - 15000 • S2 - 14700
Support
• S1 - 1035 • S2 - 1015
PEPPER (AUG) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 29600 • R1 - 29100
Resistance
• R2 - 2960 • R1 - 2940
Support
• S1 - 28050 • S2 - 27400
Support
• S1 - 2890 • S2 - 2870
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2400 • R1 - 2370
Resistance
• R2 - 7830 • R1 - 7670
Support
• S1 - 2280 • S2 - 2250
Support
• S1 - 7330 • S2 - 7250
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