Daily Newsletter Newsletter-Agri Agri Commodity 03/12/2010
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MARKET WRAP Turmeric hits lower circuit Pepper rises on fresh buying Jeera regains on short covering Oilseeds, soy oil extend gains on global cues Guar up on export demand Chana down on output view Guar drops on arrivals India rupee gains tracking equity market
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 the overseas and domestic buyers. Demand for Jeera from the domestic and overseas buyers is expected in the coming days. Fundamentals supported the pepper to gain and are likely to push the commodity further upside in long term. Increasing export and domestic demand from pharmaceutical Industries kept supporting the spot rates of Mentha oil. Also the rates had fallen a lot over the last few days and a rise in demand at the lower levels supported the falling rates. It appears that prices of soya bean are consolidating on current levels and maybe we can witness some bounce back in prices in near future. Soy oil movement in domestic market depends a lot up on movement in the international markets.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Sell on highs
CHANA (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 1260 • R1 - 1225
Resistance
• R2 - 2540 • R1 - 2520
Support
• S1 - 1180 • S2 - 1160
Support
• S1 - 2485 • S2 - 2475
GUARGUM (DEC) Trend Strategy
• Bearish • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 5950 • R1 - 5890
Resistance
• R2 - 2430 • R1 - 2385
Support
• S1 - 5700 • S2 - 5650
Support
• S1 - 2320 • S2 - 2270
JEERA (DEC) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 15000 •R1 - 14915
Resistance
• R2 - 1310 • R1 - 1290
Support
•S1 - 13890 •S2 - 13750
Support
• S1 - 1250 •S2 - 1230
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Buy on dips
PEPPER (DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 582 •R1 - 576
Resistance
•R2 - 23000 •R1 - 22700
Support
•S1 - 566 •S2 - 562
Support
•S1 - 22250 •S2 - 21800
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2300 •R1 - 2280
Resistance
•R2 - 15300 •R1 - 15020
Support
•S1 - 2245 •S2 - 2235
Support
•S1 - 14425 •S2 - 14130
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