Daily Newsletter Newsletter-Agri Commodity 17/01/2011
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MARKET WRAP Turmeric wipes out early losses on falling stocks Pepper falls on sluggish exports Jeera ends up on lower level buying Soy oil up on low imports Chana hits 1- month high Soybean up on meal exports Mentha oil gains on fresh buying
Turmeric prices will depend on demand from the domestic and overseas buyers and arrivals in the domestic market. Buyers of Jeera are adopting a wait and watch stance, expecting prices to soften further in the near term on the impending arrivals starting next week. Pepper prices will depend on demand from the overseas and domestic market and fresh arrivals pattern in the physical market. Soybean and Refine soy oil prices are expected to trade slightly higher on account of firm international prices, taking support from the sharp decline in US ending stocks and bullish USDA report. Mustard seed prices is not moving in tandem with soybean futures due to higher production estimates of RM seed this year as compared to last year. Guar prices are expected to move higher from the current levels as the arrivals will continue to decline with harvests nearing its end, while demand from the overseas market may see an improvement in the coming weeks. Weather would be an important factor to be watched for as the final estimates on the Chana crop would mainly depend on the weather conditions. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (FEB) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 1620 • R1 - 1590 • S1 - 1545 • S2 - 1515
Support
GUARGUM (JAN) Trend Strategy
• Bullish • Buy on dips
CHANA (JAN) Trend Strategy
•Bullish • Buy on dips
Resistance
• R2 - 2665 • R1 - 2640
Support
• S1 - 2590 • S2 - 2560
GUARSEED (JAN JAN) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 7000 • R1 - 6950
Resistance
• R2 - 2650 • R1 - 2620
Support
• S1 - 6780 • S2 - 6690
Support
• S1 - 2575 • S2 - 2540
JEERA (JAN) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14800 • R1 - 14600
Resistance
• R2 - 1210 • R1 - 1185
Support
• S1 - 14200 • S2 - 14000
Support
• S1 - 1160 • S2 - 1135
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 557 • R1 - 554
Resistance
• R2 - 23175 • R1 - 22800
Support
• S1 - 549 • S2 - 544
Support
• S1 - 22100 • S2 - 21700
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (APR) (APR Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2400 • R1 - 2385
Resistance
• R2 - 10350 • R1 - 10190
Support
• S1 - 2350 • S2 - 2325
Support
• S1 - 9850 • S2 - 9700
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