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MARKET WRAP
Turmeric drops on short selling
Pepper drops on selling pressure
Jeera trades down on better sowing ideas
Soy oil hits over 2-½, year high on demand
Cardamom tumbles on profit booking
Mentha oil declines on short selling
Guar falls on arrivals
Chana down on output view
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 overseas and domestic buyers. Jeera prices dipped due to better sowing
activity in the growing areas and thereby better output is keeping prices weak.
According to government data Jeera sowing is down by 25.2% in Gujarat. Market
participation in Pepper is expected to be limited in the coming days since most of the
exporters and growers take a break during Christmas and New Year period. 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 mainly in European
Union thus supply situation is expected to remain very tight in these countries which
may fuel the international market sentiments. Chana sowing in Madhya Pradesh is up
by 1.8%.
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Phone- (0731)4295950
SOYABEAN (DEC) TURMERIC (DEC)
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs Strategy • Sell on highs
•R2 - 2365 •R2 - 15430
Resistance Resistance
•R1 - 2250 •R1 - 14900
•S1 - 2215 •S1 - 14300
Support Support
•S2 - 2205 •S2 - 13900
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