Daily Newsletter Newsletter-Agri Commodity 06/01/2011
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MARKET WRAP Turmeric drops on profit booking Pepper gains on short covering Indian rupee weakens on strong Dollar Soya-oil tumbles on weak global cues Mustard seed weakens on short selling Chana declines on profit booking Mentha oil falls on subdued demand
Turmeric futures edged lower due to slow down in demand. Since the buyers and stockiest are waiting for the new crop arrival. But existing low demand and fall in prices cast doubt about farmers bringing the new crop. Jeera cultivation is expected to decline in major places like Gujarat since farmers shifting to wheat and pulses cultivation due to higher water availability. More participation in Pepper is expected from the second week of January. The domestic demand of cardamom is expected increase on wedding season consumption. The retailers and millers are actively buying across the spot markets ahead of marriage season. Imports from Australia and Canada are lower extending support for the prices to gain. The mustard seed futures are expected to trade lower on extended selling pressure. Weakness in soy market is likely to weigh on the market. Domestic traders are likely to sell Soybean futures anticipating shrink in demand for soybean from crushers. Weakness in overseas market on improved weather condition in Argentina is likely to have a bearish impact on Indian market.
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Consolidate • Buy on dips
CHANA (JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 1610 • R1 - 1570
Resistance
• R2 - 2565 • R1 - 2540
Support
• S1 - 1500 • S2 - 1460
Support
• S1 - 2500 • S2 - 2470
GUARGUM (JAN) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 6750 • R1 - 6680
Resistance
• R2 - 2600 • R1 - 2575
Support
• S1 - 6470 • S2 - 6380
Support
• S1 - 2455 • S2 - 2430
JEERA (JAN) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (JAN JAN) Trend Strategy
• Bearish • Sell on highs
Resistance
•R2 - 14820 •R1 - 14660
Resistance
• R2 - 1180 • R1 - 1150
Support
•S1 - 14375 •S2 - 14240
Support
• S1 - 1100 •S2 - 1060
MUSTARD SEED (JAN) Trend Strategy
• Bearish • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 568 •R1 - 562
Resistance
•R2 - 23500 •R1 - 23300
Support
•S1 - 556 •S2 - 551
Support
•S1 - 22650 •S2 - 22350
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SOYABEAN (JAN)) Trend Strategy
• Bearish • Sell on highs
TURMERIC (APR APR) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2370 •R1 - 2340
Resistance
•R2 - 10400 •R1 - 10200
Support
•S1 - 2280 •S2 - 2260
Support
•S1 - 9950 •S2 - 9750
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