Daily Newsletter Newsletter-Agri Agri Commodity 14/12/2010
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MARKET WRAP Turmeric falls on low export demand Pepper recovers on short covering Jeera drops on subdued demand Soy oil up 2% on lower imports & fresh buying Guar falls on margin Chana gains on demand Indian rupee decline on strong U.S. dollar
Lower stocks of Turmeric till the fresh arrivals expected in the month of February will keep the prices firm in the near month contract. Prices will also take cues from the demand from the overseas and domestic buyers. Lower stocks of Jeera with the domestic stockiest and reports of effect on the production and yield of Jeera will support prices in the coming weeks. Unseasonal rains in the previous month will have adverse impact on the output. Rains are also likely to delay pepper harvesting in Kerala. 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 thus supply situation is expected to remain very tight in these countries which may fuel the international market sentiments. Some more dips can be expected in Mentha oil as traders wait for corrections for fresh buy. Expected rise in export and domestic demand from pharmaceutical Industries could support the prices.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Consolidate • Sell on highs
CHANA (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 1260 • R1 - 1215
Resistance
• R2 - 2520 • R1 - 2500
Support
• S1 - 1164 • S2 - 1150
Support
• S1 - 2470 • S2 - 2440
GUARGUM (DEC) Trend Strategy
• Bearish • Buy on dips
GUARSEED (DEC DEC) Trend Strategy
Resistance
• R2 - 6150 • R1 - 6070
Resistance
Support
• S1 - 5880 • S2 - 5750
Support
JEERA (DEC) Trend Strategy
• Bearish • Buy on dips
•Bearish Buy on dips •Buy • R2 - 2450 • R1 - 2400 • S1 - 2330 • S2 - 2270
MENTHA OIL (DEC DEC) Trend Strategy
• Bearish • Buy on dips
Resistance
•R2 - 14000 •R1 - 13850
Resistance
• R2 - 1135 • R1 - 1100
Support
•S1 - 13480 •S2 - 13230
Support
• S1 - 1035 •S2 - 1000
MUSTARD SEED (DEC) Trend Strategy
• Bearish • Buy on dips
PEPPER (DEC)) Trend Strategy
• Bearish • Buy on dips
Resistance
•R2 - 569 •R1 - 563
Resistance
•R2 - 22250 •R1 - 22000
Support
•S1 - 550 •S2 - 545
Support
•S1 - 21500 •S2 - 21200
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SOYABEAN (DEC) Trend Strategy
• Bearish • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2250 •R1 - 2225
Resistance
•R2 - 15250 •R1 - 14800
Support
•S1 - 2180 •S2 - 2150
Support
•S1 - 13900 •S2 - 13480
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