Daily Newsletter Newsletter-Agri Agri Commodity 01/12/2010
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MARKET WRAP Turmeric gains on low stock Pepper plunges on profit selling Jeera up on technical’s Soybean, soy oil erase losses on global markets Guar down on output Chana weakens on low arrivals Cardamom rises on export demand
Turmeric future prices are likely to rise further in the next few weeks because of lower stock and strong domestic demand in the market. Jeera prices are expected to trade in a range. The refined soy oil futures are projected to trade on a negative note on fresh selling backed by bearish domestic fundamental factors. Continued rains in the major cardamom growing areas disturbed the harvesting process. The arrivals of the spice declined in the local markets as planters are holding on expectation of higher prices. The mustard seed futures are expected to resume downtrend based on bearish fundamental factors. Improvement in weather condition is leading to active sowing across key growing areas. The refined soy oil futures are projected to trade on a negative note on fresh selling backed by bearish domestic fundamental factors. Decline in soy meal prices is leading to postponement of active bean procurement by the crushers. Lack of export orders is the major bearish factor for the market.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Buy on dips
CHANA (DEC DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
• R2 - 1250 • R1 - 1225
Resistance
• R2 - 2570 • R1 - 2557
Support
• S1 - 1170 • S2 - 1150
Support
• S1 - 2515 • S2 - 2500
GUARGUM (DEC) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 6100 • R1 - 6000
Resistance
• R2 - 2460 • R1 - 2435
Support
• S1 - 5800 • S2 - 5710
Support
• S1 - 2360 • S2 - 2320
JEERA (DEC) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 14620 •R1 - 14450
Resistance
• R2 - 1270 • R1 - 1250
Support
•S1 - 14170 •S2 - 13925
Support
• S1 - 1175 •S2 - 1200
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 570 •R1 - 565
Resistance
•R2 - 22360 •R1 - 22125
Support
•S1 - 560 •S2 - 554
Support
•S1 - 21625 •S2 - 21500
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
•R2 - 2270 •R1 - 2245
Resistance
•R2 - 16350 •R1 - 16030
Support
•S1 - 2205 •S2 - 2180
Support
•S1 - 15500 •S2 - 15250
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