Daily Newsletter Newsletter-Agri Commodity 28/12/2010
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MARKET WRAP India spices contracts rise on lower supply Pepper rises on export demand Jeera up on lower sowing guar up on bargain-buying Soy oil, soybean rise for 5th day on global cues Mentha gains on high domestic demand Mustard seed rises on short covering
Prospects of improved export and domestic demand for Turmeric in coming weeks & reports of delayed arrivals of the new crop could support the falling rates. Short term trend would remain volatile as traders wait for corrections for buying opportunities. Traders are waiting for some more dips in Jeera before initiating fresh demand. Exports are expected to remain weak and that could keep pressure on the prices in the short term. Local players are expecting a massive surge in Pepper global inquires once the markets start functioning in full force in the new year.. Mustard seed production may increase this year but a lot will depend upon the near term weather. At international levels, stocks are also expected to decline in major Canola producing countries. Supply situation is expected to remain very tight in these countries which may fuel the market sentiments. With arrivals of Guar remaining moderate, traders expect a rising demand in coming weeks could support the prices.
In India soy oil domestic demand has
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Bullish • Buy on dips
CHANA (JAN) Trend Strategy
•Consolidate Consolidate • Sell on highs
Resistance
• R2 - 1645 • R1 - 1620
Resistance
• R2 - 2580 • R1 - 2560
Support
• S1 - 1550 • S2 - 1500
Support
• S1 - 2530 • S2 - 2500
GUARGUM (JAN) Trend Strategy
• Consolidate • Buy on dips
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 6600 • R1 - 6550
Resistance
• R2 - 2540 • R1 - 2500
Support
• S1 - 6300 • S2 - 6200
Support
• S1 - 2420 • S2 - 2380
JEERA (JAN) Trend Strategy
• Bullish • Buy on dips
MENTHA OIL (JAN JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 15065 •R1 - 14820
Resistance
• R2 - 1200 • R1 - 1177
Support
•S1 - 14300 •S2 - 14050
Support
• S1 - 1130 •S2 - 1100
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Buy on dips
PEPPER (JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 588 •R1 - 583
Resistance
•R2 - 23300 •R1 - 23000
Support
•S1 - 574 •S2 - 568
Support
•S1 - 22400 •S2 - 22040
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SOYABEAN (JAN)) Trend Strategy
• Bullish • Buy on dips
TURMERIC (APR) (APR Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 2420 •R1 - 2405
Resistance
•R2 - 11325 •R1 - 11200
Support
•S1 - 2350 •S2 - 2320
Support
•S1 - 10670 •S2 - 10400
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