Daily Newsletter-Agri Newsletter Agri Commodity 21/06/2011
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MARKET WRAP Chana falls on short selling Jeera falls on selling pressure Pepper declines on heavy selling Soyoil gains on rising demand Guar trades up on low production estimates Mentha oil trades down on sluggish demand Cardamom rises on active buying Turmeric drops on profit booking
The soy oil might resume the bearish trend as the higher supplies of the edible oils across the globe as per the USDA report is expected to have negative impact. The jeera futures are forecast to continue the bearish trend on profit booking as overall trend is sluggish amid prevailing poor domestic demand, also, on the report that jeera exports fell by 35% to 32,500 million tons from 49,750 million tons during same period last year. Guar seed and gum are expected to trade negative as the arrivals from stocks being higher this week are likely to keep the prices downside. Chana fell as speculators booked profits at high levels, driven by a sluggish spot demand, increased arrivals from producing belts also led to fall in Chana prices. Cardamom ended down on profit booking and may remain negative due to higher arrivals while favorable weather conditions may keep prices under pressure.
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TECHNICAL VIEW CARDAMOM (JULY JULY) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 880 • R1 - 860 • S1 - 830 • S2 - 815
Support
GUARGUM (JULY) Trend
• Consolidate • Buy on dips
Strategy
CHANA (JULY) ( Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2675 • R1 - 2655
Support
• S1 - 2600 • S2 - 2575
GUARSEED (JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 10700 • R1 - 10600
Resistance
• R2 - 3425 • R1 - 3385
Support
• S1 - 10300 • S2 - 10200
Support
• S1 - 3285 • S2 - 3260
JEERA (JULY) Trend Strategy
• Bearish • Sell on high
MENTHA OIL (JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14100 • R1 - 13900
Resistance
• R2 - 900 • R1 - 885
Support
• S1 - 13350 • S2 - 13150
Support
• S1 - 855 • S2 - 840
PEPPER (JULY) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 29700 • R1 - 29450
Resistance
• R2 - 645 • R1 - 640
Support
• S1 - 28600 • S2 - 28300
Support
• S1 - 627 • S2 - 620
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SOYABEAN (JULY)) Trend Strategy
• Consolidate • Sell on high
TURMERIC ((JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2330 • R1 - 2305
Resistance
• R2 - 7550 • R1 - 7400
Support
• S1 - 2245 • S2 - 2220
Support
• S1 - 7150 • S2 - 7000
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