Slide 1: Daily Newsletter Agri Commodity Newsletter-Agri
21/07/2011
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MARKET WRAP
Chana hits contract high Jeera trades higher on export demand Pepper up on tight supply Oilseeds, soy oil rise on demand & positive global cues Guar hits contract high Turmeric tumbles on short covering Mentha oil surges on industrial demand
The demand for Mustard oil which is specific to few northern regions might support the recovery in the prices. Jeera prices are forecast to extend the positive trend on rising export demand amid delay in Syria crop due to prevailing unrest which might support the prices. The sowing progress of Kharif pulses has been good in Maharashtra and Madhya Pradesh which is likely to have a negative impact over market sentiments. The ongoing demand across the physical markets is likely to support the Chana prices to gain. The Cardamom August futures are expected to continue to trade up on short covering. Export demand from gulf is expected to support the prices. There is some scope for upside movement on the back of a strong demand of Mentha oil from pharmaceutical companies, besides export demand. Weak monsoon progress over north-west India might further delay the Guar sowing in rain fed regions of Rajasthan which is likely to push the prices further upside. Turmeric futures may remain sideways following reports of slowdown in sowing due to poor rains in producing regions.
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TECHNICAL VIEW ECHNICAL
CARDAMOM (AUG)
Trend Strategy
Resistance Support
• Consolidate • Buy on dips • R2 - 890 • R1 - 880 • S1 - 845 • S2 - 830
CHANA (AUG AUG)
Trend Strategy
Resistance Support • Bullish • Buy on dips • R2 - 3030 • R1 - 3000 • S1 - 2950 • S2 - 2920
GUARGUM (AUG)
Trend Strategy
Resistance Support
• Bullish • Buy on dips • R2 - 13780 • R1 - 13500 • S1 - 13000 • S2 - 12800
GUARSEED (AUG AUG)
Trend Strategy
Resistance Support
• Bullish • Buy on dips • R2 - 4400 • R1 - 4300 • S1 - 4180 • S2 - 4150
JEERA (AUG)
Trend Strategy
Resistance Support
• Bullish • Buy on dips • R2 - 17000 • R1 - 16600 • S1 - 15950 • S2 - 15700
MENTHA OIL (JULY JULY)
Trend Strategy
Resistance Support • Consolidate • Buy on dips • R2 - 1175 • R1 - 1155 • S1 - 1100 • S2 - 1080
PEPPER (AUG)
Trend Strategy
Resistance Support
• Consolidate • Buy on dips • R2 - 29200 • R1 - 28600 • S1 - 27900 • S2 - 27200
MUSTARD SEED (AUG AUG)
Trend Strategy
Resistance Support • Consolidate • Buy on dips • R2 - 3030 • R1 - 3005 • S1 - 2950 • S2 - 2910
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SOYABEAN (AUG) )
Trend Strategy
Resistance Support • Consolidate • Buy on dips • R2 - 2465 • R1 - 2435 • S1 - 2350 • S2 - 2320
TURMERIC (AUG AUG)
Trend Strategy
Resistance Support • Bearish • Sell on high • R2 - 7400 • R1 - 7250 • S1 - 7000 • S2 - 6850
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