Daily Newsletter Newsletter-Agri Agri Commodity 10/12/2010
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MARKET WRAP Turmeric zooms on short covering Pepper drops on profit booking Jeera ended down almost 2% Oilseeds, Soy oil up on demand Cardamom tumbles on profit booking Mustard seed drops on fresh sowing Mentha oil declines on short selling India commodity bourse turnover up 53 pct in Apr-Nov
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. Lower stocks of Jeera with the domestic stockiest and reports of effect on the production and yield of Jeera will support prices in the coming weeks. Unseasonal rains in the previous month will have adverse impact on the output. Activity in Pepper in the global markets 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. Corrections were noted for Mentha Oil rates as higher arrivals and fall in kept trend weak. In short term, some more dips can be expected as traders wait for corrections for fresh buy. The market of soy oil has strong fundamentals in front of it, with solid export and domestic demand and ongoing concerns about Argentina production serving as the underlying driver of prices.
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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 - 2510 • R1 - 2490
Support
• S1 - 1195 • S2 - 1170
Support
• S1 - 2465 • S2 - 2445
GUARGUM (DEC) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
•Consolidate Consolidate • Buy on dips
Resistance
• R2 - 6540 • R1 - 6400
Resistance
• R2 - 2515 • R1 - 2570
Support
• S1 - 6150 • S2 - 6085
Support
• S1 - 2425 • S2 - 2400
JEERA (DEC) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 14600 •R1 - 14425
Resistance
• R2 - 1195 • R1 - 1170
Support
•S1 - 14050 •S2 - 13950
Support
• S1 - 1120 •S2 - 1100
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 576 •R1 - 573
Resistance
•R2 - 22550 •R1 - 22250
Support
•S1 - 562 •S2 - 560
Support
•S1 - 21625 •S2 - 21300
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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 - 15600 •R1 - 15450
Support
•S1 - 2219 •S2 - 2205
Support
•S1 - 14900 •S2 - 14700
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