Daily Newsletter Newsletter-Agri Commodity 05/01/2011
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MARKET WRAP Turmeric slips on output expectation Oilseeds, soy oil drop on weak global markets Soya bean down on global cues Guar up on pickup in demand Chana futures steady Mentha oil tumbles on short selling Mustard Seed weakens on strong sowing
Buyers from north India are waiting for fresh crop arrival. Therefore, they are not showing much interest in buying Turmeric. Market news of fresh export inquires for Indian pepper in absences of any quotes from other producing countries because of New Year holiday may further add to the prices. Delay in fresh arrivals may also support the prices. Any vagaries in weather in Jeera growing areas particularly Gujarat and Rajasthan will however provide support to the prices in the short term. The Guar gum manufacturers are actively buying across the spot markets. The anticipated revival in the export demand from the US and China is supporting the prices to trade upside. Domestic traders are likely to buy futures on expectation of revival in demand for mustard oil. However, weakness in soy market might limit the gains. Soy oil futures are down on profit booking as forecast of rains in Argentina is easing the potential crop loss concern. Declining trend in arrivals and no other source of Cardamom except India is pushing prices on higher side. 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 - 1620 • R1 - 1585
Resistance
• R2 - 2590 • R1 - 2570
Support
• S1 - 1545 • S2 - 1510
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 - 6745
Resistance
• R2 - 2570 • R1 - 2540
Support
• S1 - 6530 • S2 - 6470
Support
• S1 - 2470 • S2 - 2430
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 - 1220 • R1 - 1200
Support
•S1 - 14250 •S2 - 14050
Support
• S1 - 1160 •S2 - 1135
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Sell on dips
PEPPER (JAN)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 577 •R1 - 573
Resistance
•R2 - 23500 •R1 - 23180
Support
•S1 - 566 •S2 - 562
Support
•S1 - 22350 •S2 - 22100
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (APR) (APR Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 2400 •R1 - 2385
Resistance
•R2 - 10400 •R1 - 10250
Support
•S1 - 2350 •S2 - 2320
Support
•S1 - 9950 •S2 - 9850
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