Daily Newsletter Newsletter-Agri Commodity 23/12/2010
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MARKET WRAP Turmeric hit contract high Pepper drop on weak exports Cardamom continues uptrend on tight supply Jeera down on poor exports Guar falls on output Chana up on low stocks Soy bean, Soy oil extend gains on demand Mentha oil falls on short selling
Prospects of improved export and domestic demand for Turmeric in coming weeks & reports of delayed arrivals of the new crop could support the falling rates. Short term trend would remain volatile as traders wait for corrections for buying opportunities. Expectations of rising export and domestic demand amidst low stocks are expected to have bullish impact on Jeera but short term trend would depend on the sowing prospects depending on the weather in growing areas. Traders are reportedly waiting for some more dips in Pepper but with demand expected to rise at lower levels that could support prices to some extent. Lower stocks in Guatemala attracted some export buying for Indian cardamom. Demand from the importing nations continues to give support to the Soybean. We expect that for some time market will witness sideways movement as most of the issues have been factored in to prices by the market and right now market is seeking some new news that can give clear direction to the market. www.capitalheight.com
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Bullish • Sell on highs
CHANA (JAN) Trend Strategy
•Bullish • Buy on dips
Resistance
• R2 - 1510 • R1 - 1480
Resistance
• R2 - 2610 • R1 - 2590
Support
• S1 - 1415 • S2 - 1360
Support
• S1 - 2560 • S2 - 2547
GUARGUM (JAN) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 6540 • R1 - 6450
Resistance
• R2 - 2515 • R1 - 2490
Support
• S1 - 6300 • S2 - 6200
Support
• S1 - 2430 • S2 - 2400
JEERA (JAN) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 14300 •R1 - 14000
Resistance
• R2 - 1135 • R1 - 1120
Support
•S1 - 13500 •S2 - 13330
Support
• S1 - 1070 •S2 - 1045
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 572 •R1 - 566
Resistance
•R2 - 22250 •R1 - 21850
Support
•S1 - 556 •S2 - 550
Support
•S1 - 21300 •S2 - 21000
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SOYABEAN (JAN)) Trend Strategy
• Bullish • Buy on dips
TURMERIC (APR) (APR Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2325 •R1 - 2300
Resistance
•R2 - 11100 •R1 - 10850
Support
•S1 - 2280 •S2 - 2260
Support
•S1 - 10400 •S2 - 10200
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