Daily Newsletter Newsletter-Agri Commodity
11/01/2011
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MARKET WRAP
Turmeric falls on new arrivals Pepper continues downtrend on weak exports Jeera falls on weak exports Oilseeds, Soy oil steady Guar zooms on short covering Mentha oil move further higher Chana tumble on increased arrivals
Turmeric prices in short term will depend on demand from the domestic and overseas buyers and growth of sown crop. The short term trend is likely to remain slight weak if weather conditions remain good in the growing areas. Pepper harvest is in upswing and new material is expected to arrive into market soon. Prices of varies varieties gained during the last week. The demand could pick up in the coming weeks as the present levels are low and that could support the prices in the near term. But till that time some more corrections in rates could not be ruled out. Mustard seed prices are expected to trade lower due to higher production estimates of RM Seed amid favorable weather conditions. Huge losses in overseas market are also in favor of bears. Prices of Soy oil are expected to move northwards due to global shortage of vegetable oil couple with strong demand of edible oils. Reports of fall in production of Mentha and a rise in demand at lower levels is expected though traders are not ruling out intermittent profit booking at higher levels before demand rises again.
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TECHNICAL VIEW
CARDAMOM (JAN)
Trend Strategy
Resistance Support
• Consolidate • Sell on highs • R2 - 1554 • R1 - 1515 • S1 - 1415 • S2 - 1370
CHANA (JAN)
Trend Strategy
Resistance Support •Consolidate Consolidate • Buy on dips • R2 - 2580 • R1 - 2550 • S1 - 2505 • S2 - 2480
GUARGUM (JAN)
Trend Strategy
Resistance Support
• Consolidate • Buy on dips • R2 - 6745 • R1 - 6610 • S1 - 6475 • S2 - 6300
GUARSEED (JAN JAN)
Trend Strategy
Resistance Support
• Consolidate • Buy on dips • R2 - 2535 • R1 - 2505 • S1 - 2455 • S2 - 2430
JEERA (JAN)
Trend Strategy
Resistance Support
• Consolidate • Sell on highs •R2 - 14590 •R1 - 14315 •S1 - 14050 •S2 - 13750
MENTHA OIL (JAN JAN)
Trend Strategy
Resistance Support • Consolidate • Buy on dips • R2 - 1230 • R1 - 1210 • S1 - 1160 •S2 - 1135
MUSTARD SEED (JAN)
Trend Strategy
Resistance Support
• Consolidate • Sell on highs •R2 - 566 •R1 - 563 •S1 - 550 •S2 - 545
PEPPER (JAN) )
Trend Strategy
Resistance Support • Consolidate • Sell on highs •R2 - 22800 •R1 - 22660 •S1 - 21900 •S2 - 21700
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SOYABEAN (JAN) )
Trend Strategy
Resistance Support • Consolidate • Sell on highs •R2 - 2370 •R1 - 2350 •S1 - 2300 •S2 - 2280
TURMERIC (APR) (APR
Trend Strategy
Resistance Support • Consolidate • Buy on dips •R2 - 10500 •R1 - 10390 •S1 - 9700 •S2 - 9540
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