Daily Newsletter Newsletter-Agri Agri Commodity 23/04/2011
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MARKET WRAP Turmeric tumbles on rising arrivals Jeera slumps on higher arrivals Pepper up on supply concerns Soya bean, soy oil drops on adequate supply Chana hits contract low on arrivals Guar remains steady Mentha oil rises on supply crunch Cardamom gains on firm demand
Turmeric prices in the intraday will trade firm due to improved buying by the market participants. Stockiest at the market are not willing to offload their stocks at lower levels. Rising arrivals of Jeera at spot market amid peak arrivals season are keeping the prices under pressure. Export demand from gulf countries is also very poor which might weigh on sentiments. Overall trend of Pepper is bullish due to limited stocks and good demand at domestic and export front. Fear of higher import of oil in April following full-fledged harvesting of the soy crop in Brazil and Argentina might cap the gains. Rabi arrival is also another bearish factor for the market. The monsoon reports might cause concerns about the increase in acreage under guar seed which affect the sentiments in the markets. The absence of any fresh export demand and the continued arrivals is exerting pressure on the prices. Arrivals of Chana are expected to be in full momentum during this month which would create good buying level at the physical markets. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 1125 • R1 - 1110 • S1 - 1060 • S2 - 1030
Support
GUARGUM (MAY) Trend
• Consolidate • Sell on highs
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2390 • R1 - 2365
Support
• S1 - 2300 • S2 - 2270
GUARSEED (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 8700 • R1 - 8600
Resistance
• R2 - 3030 • R1 - 3000
Support
• S1 - 8350 • S2 - 8250
Support
• S1 - 2930 • S2 - 2890
JEERA (MAY) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15450 • R1 - 15200
Resistance
• R2 - 1120 • R1 - 1100
Support
• S1 - 14800 • S2 - 14500
Support
• S1 - 1055 • S2 - 1035
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 28000 • R1 - 27500
Resistance
• R2 - 635 • R1 - 625
Support
• S1 - 26700 • S2 - 26200
Support
• S1 - 615 • S2 - 610
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2480 • R1 - 2450
Resistance
• R2 - 9050 • R1 - 8900
Support
• S1 - 2390 • S2 - 2370
Support
• S1 - 8600 • S2 - 8450
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