The document provides a daily market wrap and technical analysis of various agricultural commodities. Key points include:
- Chana prices rose due to domestic demand while jeera traded downward due to arrival pressure. Pepper prices remained steady.
- Soybean and soy oil fell on production estimates while guar declined from profit taking. Mentha oil weakened also due to profit taking.
- Cardamom plunged on fresh arrivals. Turmeric regained due to fresh buying.
- Short-term price trends for various commodities are analyzed in relation to arrivals, demand, and other supply factors. Technical indicators are provided.
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MARKET WRAP
Chana up on domestic demand
Jeera trades down on arrival pressure
Pepper remains steady
Soybean, Soy oil tumbles on production estimates
Guar down on profit booking
Mentha oil weakens on profit booking
Cardamom plunges on fresh arrivals
Turmeric regains on fresh buying
Turmeric price trend in the short term (till May) are likely to depend on the arrivals and
demand from the overseas and domestic buyers. Jeera prices in the intraday will trade
sideways due to lackluster trades at the domestic market. Arrivals in the market have
started to decline gradually due to ending season. Lower supplies both in the domestic
as well as in the international coupled with hoarding of Pepper by the Vietnam farmers
will support pepper prices in the short term. Delayed planting of soybean due to
Mississippi river flood provided support to the bulls. Improved demand in physical
market as marriage season demand also added bullish market sentiments. Guar price
movement would be dependent on export demand as long as the monsoon forecast
remains favorable. Exports would continue to remain firm owing to an increase in
demand from the oil sector. Chana prices might decline initially on the reports of timely
withdrawal of monsoon which would boost the output of Pulses.
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SOYABEAN (JUNE)
) TURMERIC (MAY
MAY)
Trend • Bearish Trend • Consolidate
Strategy • Sell on highs Strategy • Buy on dips
• R2 - 2415 • R2 - 8980
Resistance Resistance
• R1 - 2395 • R1 - 8870
• S1 - 2320 • S1 - 8600
Support Support
• S2 - 2275 • S2 - 8450
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