Daily Newsletter Newsletter-Agri Agri Commodity 05/05/2011
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MARKET WRAP Indian spices drop on poor demand & rising supply Turmeric tumbles on rising supply Jeera falls on increased arrivals Pepper drops on profit booking Soy oil falls on poor demand Guar hits contract high on poor supply Mentha oil declines on ample stock Cardamom hits contract low on fresh arrivals
Reduced demand of Turmeric is expected to pressurize the prices. However, stable arrivals at spot might limit the sharp losses. Jeera futures are expected to extend the bearish trend in coming week on strong selling pressure. Rising arrivals at spot market might pressurize the prices. Investors in US and other countries are in waiting for fall in Pepper prices where they can get entry; however, there is no such scenario is expected to be seen as overall world availability is limited. Sluggish demand for oil in local market because of summer season is another bearish factor for the market. Indian market is likely to move in line with weak overseas market. Guar seed and guar gum futures might continue the positive trend during the week ahead. In the current crop season, export demand is the only factor which drives prices higher despite bumper crop. 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
• Bearish • Sell on highs • R2 - 950 • R1 - 935 • S1 - 900 • S2 - 890
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2430 • R1 - 2400
Support
• S1 - 2340 • S2 - 2315
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9500 • R1 - 9350
Resistance
• R2 - 3300 • R1 - 3250
Support
• S1 - 9100 • S2 - 8900
Support
• S1 - 3150 • S2 - 3100
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 15300 • R1 - 15000
Resistance
• R2 - 1050 • R1 - 1030
Support
• S1 - 14400 • S2 - 14050
Support
• S1 - 995 • S2 - 980
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 29900 • R1 - 29300
Resistance
• R2 - 630 • R1 - 625
Support
• S1 - 28550 • S2 - 28250
Support
• S1 - 613 • S2 - 605
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2415 • R1 - 2390
Resistance
• R2 - 8750 • R1 - 8660
Support
• S1 - 2340 • S2 - 2310
Support
• S1 - 8250 • S2 - 8150
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