Daily Newsletter Newsletter-Agri Agri Commodity 07/12/2010
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MARKET WRAP Turmeric continues downtrend on short selling Pepper drops on profit booking Jeera declines on poor export demand Soy oil tumbles on short selling Mentha Oil tumbles on sluggish overseas demand India rupee gains on weak dollar Guar drops on fresh arrivals Chana drops on output view
Turmeric prices will depend on growth of the sown crop. Further, demand from the domestic and overseas buyers will also determine the price trend. Carryover stocks of Jeera with the local stockiest is around 7-8 lakh bags, according to spot market traders. There are lower stocks of Jeera till fresh arrivals expected in the month of February. This will help prices to find support and strengthen. Fundamentals are very strong and are likely to push Pepper further upside. Mentha oil witnessed some selling on the account of waning demand by exporters at elevated levels along with steady supply of Mentha oil in major mandis. Mustard seed production may increase this year but a lot will depend upon the near term weather. Also major producers are expected to produce less as compared to last year. Thus supply situation is expected to remain very tight in these countries which may fuel the international market sentiments.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Buy on dips
CHANA (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 1400 • R1 - 1360
Resistance
• R2 - 2565 • R1 - 2555
Support
• S1 - 1300 • S2 - 1260
Support
• S1 - 2495 • S2 - 2475
GUARGUM (DEC) Trend Strategy
• Bullish • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
• R2 - 6540 • R1 - 6450
Resistance
• R2 - 2555 • R1 - 2515
Support
• S1 - 6180 • S2 - 6090
Support
• S1 - 2455 • S2 - 2430
JEERA (DEC) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 14700 •R1 - 14555
Resistance
• R2 - 1290 • R1 - 1250
Support
•S1 - 14025 •S2 - 13740
Support
• S1 - 1200 •S2 - 1180
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Bullish • Sell on highs
Resistance
•R2 - 583 •R1 - 580
Resistance
•R2 - 23000 •R1 - 22700
Support
•S1 - 570 •S2 - 562
Support
•S1 - 22250 •S2 - 21700
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 2300 •R1 - 2280
Resistance
•R2 - 15450 •R1 - 15175
Support
•S1 - 2225 •S2 - 2190
Support
•S1 - 14300 •S2 - 14000
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