1. Daily Newsletter Agri Commodity
Newsletter-Agri
21/03/2011
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MARKET WRAP
India spices fall on weak domestic, export demand
Turmeric falls over 2% on weak demand
Jeera falls on weak exports
Pepper gains on domestic demand
Soy bean, soy oil futures up on global cues & demand
Chana closes down on arrivals & lower pulses price
Guar remains steady
The turmeric price trend in the short term is likely to depend on the arrivals and demand
from the overseas and domestic buyers. Jeera prices in the intraday may trade
sideways owing to demand from the local stockists and expectation of better arrivals in
the market. Any recovery in demand from the overseas buyers however will support
Jeera prices in the short term. Prices quoted by India for Pepper in international market
moved up to $5050 per ton which is very much in order with the prices quoted in other
origins. Therefore, few export inquires can be expected in coming days. Domestic
traders and investors are likely to sell Refined Oil futures anticipating shrink in the
demand for oil with the progress of summer season. Higher production estimates of RM
Seed this year as compared to last year may pressurize the prices. Guar futures would
be dependent on the overseas demand scenario. Notwithstanding expected bumper
production of pulses during 2011-12, India would require to import 3.40 million tonne of
the Chana to match the enhanced demand.
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TECHNICAL VIEW
CARDAMOM (APR) CHANA (APR
APR)
Trend • Consolidate Trend • Consolidate
• Sell on highs Strategy • Sell on highs
Strategy
• R2 - 1175 • R2 - 2590
Resistance Resistance
• R1 - 1155 • R1 - 2560
• S1 - 1110 • S1 - 2500
Support Support
• S2 - 1090 • S2 - 2470
GUARGUM (APR) GUARSEED (APR
APR)
Trend • Bullish Trend • Bullish
Strategy • Buy on dips • Buy on dips
Strategy
• R2 - 8800 • R2 - 3060
Resistance Resistance
• R1 - 8630 • R1 - 3000
• S1 - 8290 • S1 - 2885
Support Support
• S2 - 8120 • S2 - 2825
JEERA (APR) MENTHA OIL (MAR
MAR)
Trend • Consolidate Trend • Bullish
Strategy • Sell on highs Strategy • Buy on dips
• R2 - 16680 • R2 - 1350
Resistance Resistance
• R1 - 16360 • R1 - 1325
• S1 - 15720 • S1 - 1270
Support Support
• S2 - 15400 • S2 - 1250
PEPPER (APR) REFINED SOY OIL (APR
APR)
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 24400 • R2 - 635
Resistance Resistance
• R1 - 23950 • R1 - 625
• S1 - 23000 • S1 - 610
Support Support
• S2 - 22550 • S2 - 600
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SOYABEAN (APR)
) TURMERIC (APR)
(APR
Trend • Consolidate Trend • Bearish
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 2430 • R2 - 10300
Resistance Resistance
• R1 - 2400 • R1 - 10100
• S1 - 2350 • S1 - 9700
Support Support
• S2 - 2320 • S2 - 9500
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