Daily Newsletter Newsletter-Agri Commodity 30/11/2010
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MARKET WRAP Turmeric hit contract high on demand & lower supply Pepper regains on strong demand Cardamom falls on profit booking Jeera inches down on profit booking Oilseeds, soy oil up in line with overseas market Guar up on exports Chana up on local demand Cardamom trades up on extended buying
Lower stocks of turmeric till the fresh arrivals expected in the month of February will keep the prices firm in the near month contract. Prices will also take cues from the demand from the overseas and domestic buyers. There are reports of delayed sowing of Jeera in major growing belts in Gujarat and lower stocks with traders and stockiest amid crop loss in other countries. This is likely to support the spice from further falling in near term. The heavy rains are likely to have impact on pepper and might support the spice in short term and also delay the harvesting of the crop. In the short term, Soy oil will take cues from global market. Traders are also holding back stocks in hope of a rise in price in the coming weeks. Growing demand amid steady global output supported the cardamom during the crop year. Good festive demand amid lower stocks in Guatemala will support the commodity to garner strength this year.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Buy on dips
CHANA (DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 1200 • R1 - 1180
Resistance
• R2 - 2590 • R1 - 2570
Support
• S1 - 1122 • S2 - 1090
Support
• S1 - 2525 • S2 - 2500
GUARGUM (DEC) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 6300 • R1 - 6180
Resistance
• R2 - 2540 • R1 - 2510
Support
• S1 - 6030 • S2 - 5980
Support
• S1 - 2430 • S2 - 2400
JEERA (DEC) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14620 •R1 - 14440
Resistance
• R2 - 1280 • R1 - 1255
Support
•S1 - 13960 •S2 - 13830
Support
• S1 - 1175 •S2 - 1160
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 580 •R1 - 573
Resistance
•R2 - 22700 •R1 - 22400
Support
•S1 - 562 •S2 - 560
Support
•S1 - 21900 •S2 - 21700
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SOYABEAN (DEC) Trend Strategy
• Bearish • Buy on dips
TURMERIC (DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
•R2 - 2280 •R1 - 2267
Resistance
•R2 - 16350 •R1 - 16030
Support
•S1 - 2215 •S2 - 2205
Support
•S1 - 15430 •S2 - 15180
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