Daily Newsletter Newsletter-Agri Agri Commodity 13/12/2010
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MARKET WRAP Turmeric declines on output view Pepper drops on tepid exports, lack of global cues Jeera futures drop on sluggish exports Soy oil hits over 2-½, year high on demand Cardamom tumbles on profit booking Mentha oil declines on short selling Guar drops on arrivals & output view Chana extends losses to 3 week low
Supply of Turmeric in Nizamabad is good these days. Farmers and stockiest are releasing their stocks on hopes of higher crop this year. Bumper crop is expected this year due to favorable weather conditions. 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. 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%. Improved arrivals of Guar and lackluster demand for Guar seed might pressurize the prices in the coming weeks.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Consolidate • Buy on dips
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
• Bearish • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
Resistance
• R2 - 6210 • R1 - 6090
Resistance
Support
• S1 - 5880 • S2 - 5750
Support
JEERA (DEC) Trend Strategy
• Bearish • Sell on highs
•Bearish Sell on highs •Sell • R2 - 2450 • R1 - 2400 • S1 - 2320 • S2 - 2270
MENTHA OIL (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 14000 •R1 - 13750
Resistance
• R2 - 1135 • R1 - 1100
Support
•S1 - 13500 •S2 - 13230
Support
• S1 - 1035 •S2 - 1000
MUSTARD SEED (DEC) Trend Strategy
• Bearish • Sell on highs
PEPPER (DEC)) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 563 •R1 - 557
Resistance
•R2 - 22200 •R1 - 21800
Support
•S1 - 545 •S2 - 540
Support
•S1 - 21200 •S2 - 21000
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SOYABEAN (DEC) Trend Strategy
• Bearish • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2230 •R1 - 2200
Resistance
•R2 - 15430 •R1 - 14900
Support
•S1 - 2170 •S2 - 2140
Support
•S1 - 14300 •S2 - 13900
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