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MARKET WRAP
Turmeric edges up on short covering
Jeera ends up on output view, low stocks
Pepper gains over 3% on poor supply
Soya bean recovers on short covering
Chana closes flat, short covering offset arrivals
Guar up on low supply
Cardamom weakens on subdued demand
Turmeric futures are expected to extend the losses on strong selling interest in coming
week. However, prices might witness small recovery initially on short covering on
previous losses. Poor export demand amid middle east concern as they are the major
importers of Indian Jeera might weigh on prices and dry weather conditions in major
growing region is also supporting the crop which might create pressure on prices.
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. Edible Oil Complex may trade with
positive bias owing to reports of crop damage of Soybean in Brazil after floods hit the
growing regions. Guar is expected to extend the earlier gains in the coming week on
account of decline in the arrivals and recovery in demand from the overseas buyers.
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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Phone- (0731)4295950
SOYABEAN (APR)
) TURMERIC (APR)
(APR
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 2390 • R2 - 10075
Resistance Resistance
• R1 - 2370 • R1 - 9850
• S1 - 2300 • S1 - 9495
Support Support
• S2 - 2270 • S2 - 9300
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