Daily Newsletter Newsletter-Agri Commodity 08/01/2011
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MARKET WRAP Turmeric drops on profit booking Pepper falls on sluggish exports; seen weak Jeera slips at end on poor exports Cardamom gains on short covering Soy oil tumbles on weak global cues guar falls on output view Mentha oil up on short covering
Turmeric prices in short term will depend on demand from the domestic and overseas buyers and growth of sown crop. Demand for Jeera from US and European countries are likely to shift towards India in coming weeks due to low stocks in the International markets. Export demand from South-East Asian countries is there. Any revival in demand of Pepper from the domestic stockists will however, provide support to the prices in the short term as the harvesting in Kerala is delayed. The guar gum buyers have already stocked enough to fulfill their export consignments, new export consignments shall also be backed off from registering at this higher price levels. The trend reversal can be seen if the prices cool off a bit. Chana prices may trade range bound with negative bias due to dull demand from the domestic buyers. Price gains may be capped on positive reports of sowing and rising arrivals of Kharif pulses. Mustard seed prices are expected to trade slightly lower due to higher production estimates of RM Seed amid favorable weather conditions. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 1575 • R1 - 1547 • S1 - 1465 • S2 - 1325
Support
GUARGUM (JAN) Trend Strategy
• Consolidate • Buy on dips
CHANA (JAN) Trend Strategy
•Consolidate Consolidate • Buy on dips
Resistance
• R2 - 2590 • R1 - 2565
Support
• S1 - 2530 • S2 - 2510
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 6670 • R1 - 6550
Resistance
• R2 - 2515 • R1 - 2480
Support
• S1 - 6300 • S2 - 6200
Support
• S1 - 2430 • S2 - 2400
JEERA (JAN) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14800 •R1 - 14600
Resistance
• R2 - 1180 • R1 - 1170
Support
•S1 - 14230 •S2 - 14050
Support
• S1 - 1135 •S2 - 1115
MUSTARD SEED (JAN) Trend Strategy
• Bearish • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 566 •R1 - 562
Resistance
•R2 - 23500 •R1 - 23200
Support
•S1 - 556 •S2 - 554
Support
•S1 - 22650 •S2 - 22350
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (APR) (APR Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2370 •R1 - 2350
Resistance
•R2 - 10400 •R1 - 10200
Support
•S1 - 2300 •S2 - 2280
Support
•S1 - 9700 •S2 - 9500
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