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MARKET WRAP
Turmeric surges on firm demand
Jeera up on short covering
Pepper up on short covering
Soy bean, soy oil extend losses on global cues
Chana falls on increased arrivals
Potato surges on weak arrivals
Cardamom gains on fresh buying
The turmeric arrivals expected to rise in coming weeks could pressurize prices to some
extent but traders believe export demand would determine the trend for the commodity.
Low stock levels could support the rates further. Thus some firmness could be noted for
the commodity amidst high volatility depending on the reports on the production and
export front. Demand from US and European countries for Jeera is likely to shift more
towards India in coming weeks due to low stocks in the International markets. Export
demand from South-East Asian countries have been there. The trend would depend on
the crop arrivals of Pepper in Vietnam and its effect on the Indian exports. Indian market
participants are waiting for release of February month edible oil import data, which is
likely to be released in this week. The arrivals of Guar have come to an end across the
spot markets which have resulted in subdued spot activities. The predictions of the
normal monsoon are weighing on the market sentiments. Weak trend in other Pulses is
expected to have bearish impact on Chana rates in the coming weeks.
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Phone- (0731)4295950
SOYABEAN (MAR)
) TURMERIC (APR)
(APR
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs Strategy • Buy on dips
• R2 - 2430 • R2 - 11100
Resistance Resistance
• R1 - 2400 • R1 - 10900
• S1 - 2350 • S1 - 10700
Support Support
• S2 - 2325 • S2 - 10500
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