Daily Newsletter Newsletter-Agri Commodity 04/01/2011
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MARKET WRAP Turmeric plunge on increased arrivals Pepper trades up on fresh buying Jeera declines on increased arrivals Soy oil drops on profit taking Soya bean down on global cues Guar up as arrivals fall Chana futures steady Mentha oil tumbles on short selling
Stockists reportedly held back turmeric stocks in anticipation of a rising demand. Short term trend would remain volatile as traders wait for corrections for buying opportunities. Pepper prices will depend on global Black pepper availability and demand from the overseas and domestic market. At present all the major origins at quoting around same rates. Any vagaries in weather in Jeera growing areas particularly Gujarat and Rajasthan will however provide support to the prices in the short term. Prospects of higher production from satisfactory sowing activities of Chana in growing states could prevent major rise in rates. However, reports of slight delay in sowing activities could perk up market sentiments. Rising exports amidst reports of delayed arrivals and slight fall in production expectations and adverse impact on the crop from the rains in growing areas are likely to provide support to the price for Guar. Expected fall in production is likely to keep sentiments up for Mentha. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Consolidate • Sell on highs
CHANA (JAN) Trend Strategy
•Consolidate Consolidate • Sell on highs
Resistance
• R2 - 1645 • R1 - 1620
Resistance
• R2 - 2590 • R1 - 2580
Support
• S1 - 1570 • S2 - 1545
Support
• S1 - 2540 • S2 - 2525
GUARGUM (JAN) Trend Strategy
• Consolidate • Buy on dips
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 6900 • R1 - 6800
Resistance
• R2 - 2570 • R1 - 2530
Support
• S1 - 6550 • S2 - 6380
Support
• S1 - 2450 • S2 - 2410
JEERA (JAN) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (JAN JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 15050 •R1 - 14800
Resistance
• R2 - 1245 • R1 - 1220
Support
•S1 - 14250 •S2 - 14050
Support
• S1 - 1160 •S2 - 1135
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Buy on dips
PEPPER (JAN)) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 580 •R1 - 576
Resistance
•R2 - 23800 •R1 - 23600
Support
•S1 - 570 •S2 - 565
Support
•S1 - 23150 •S2 - 22800
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (APR) (APR Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 2430 •R1 - 2415
Resistance
•R2 - 10500 •R1 - 10400
Support
•S1 - 2350 •S2 - 2330
Support
•S1 - 10050 •S2 - 9950
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