Daily Newsletter Newsletter-Agri Commodity 16/12/2010
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MARKET WRAP Turmeric drops on profit booking Pepper tumbles on profit booking Indian rupee drops on firm U.S. dollar Jeera drops on subdued exports Soya-oil plunges on short selling Guar gains on weak arrivals Mustard seed gain on short covering Chana is expected to remain range bound
Fundamentals are very strong and are likely to push Pepper further upside in long term. Rains are also likely to delay pepper harvesting in Kerala. There are lower stocks of Jeera till fresh arrivals expected in the month of February. This will help prices to find support and strengthen. Weak arrivals in major mandies coupled with low opening stocks incited the strong gains in Guar seed market. Moreover, waning carryover stocks in the current year have also witnessed the stockiest buying at current levels. At international levels, stocks of mustard seed are expected to decline in major Canola producing countries. Thus supply situation is expected to remain very tight in these countries which may fuel the international market sentiments. Weather is again becoming a cause of concern for Argentina soybean crop. Further, crude oil prices are also giving support to Soya Bean market.
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Consolidate • Buy on dips
CHANA (JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 1370 • R1 - 1350
Resistance
• R2 - 2585 • R1 - 2560
Support
• S1 - 1300 • S2 - 1260
Support
• S1 - 2530 • S2 - 2515
GUARGUM (JAN) Trend Strategy
• Bullish • Buy on dips
GUARSEED (JAN JAN) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 6750 • R1 - 6645
Resistance
• R2 - 2600 • R1 - 2575
Support
• S1 - 6390 • S2 - 6280
Support
• S1 - 2500 • S2 - 2450
JEERA (JAN) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14210 •R1 - 14080
Resistance
• R2 - 1160 • R1 - 1140
Support
•S1 - 13790 •S2 - 13630
Support
• S1 - 1090 •S2 - 1060
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Buy on dips
PEPPER (JAN)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 577 •R1 - 574
Resistance
•R2 - 22350 •R1 - 22000
Support
•S1 - 566 •S2 - 563
Support
•S1 - 21600 •S2 - 21300
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (JAN JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2300 •R1 - 2275
Resistance
•R2 - 9770 •R1 - 9680
Support
•S1 - 2240 •S2 - 2225
Support
•S1 - 9370 •S2 - 9210
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