Daily Newsletter Newsletter-Agri Agri Commodity 30/05/2011
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MARKET WRAP Chana declines on sluggish demand Jeera hits contract low Pepper down on exports Soy oil gains on active buying Guar down on rains Mentha oil falls on profit booking Cardamom falls on fresh arrivals Turmeric weakens on ample supply
Turmeric prices in the intraday will trade sideways due to lackluster demand from local stockists. Demand from north India is also poor that is why traders are not interested in bulk buying. Jeera prices in the intraday will trade sideways to up due to dwindling arrivals in the domestic market. Any reports of crop damage in Syria might support prices in the short term. Trade of cheap imported pepper along with panic selling due to introduction of special margin might add to the down side. Hoarding of Pepper by the Vietnam farmers will also help prices to remain firm. The concerns about the early onset of the monsoon might raise the hopes for higher acreage under guar seed which might affect market sentiments for coming days. Good demand for Chana across the spot market ahead of upcoming festive season is likely to support the prices. The near term demand for the edible oil and the soy bean for sowing purposes may lend support to the oil prices. Lack of buying interest at spot market might weigh on Cardamom prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JUNE) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 820 • R1 - 805 • S1 - 775 • S2 - 760
Support
GUARGUM (JUNE) Trend
• Consolidate • Buy on dips
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2570 • R1 - 2530
Support
• S1 - 2470 • S2 - 2440
GUARSEED (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 10500 • R1 - 10350
Resistance
• R2 - 3350 • R1 - 3330
Support
• S1 - 10000 • S2 - 9750
Support
• S1 - 3275 • S2 - 3255
JEERA (JUNE) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (JUNE JUNE) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 14800 • R1 - 14450
Resistance
• R2 - 890 • R1 - 875
Support
• S1 - 14000 • S2 - 13770
Support
• S1 - 845 • S2 - 830
PEPPER (JUNE) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 30000 • R1 - 29500
Resistance
• R2 - 670 • R1 - 665
Support
• S1 - 28800 • S2 - 28000
Support
• S1 - 650 • S2 - 645
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2445 • R1 - 2410
Resistance
• R2 - 7850 • R1 - 7700
Support
• S1 - 2350 • S2 - 2330
Support
• S1 - 7400 • S2 - 7250
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