Agri Commodity Reports for the Week (18th - 22nd October '10)

8/8/2019 Agri Commodity Reports for the Week (18th - 22nd October '10)

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Spices Zooms On Festive Demand!

WEEKLYAGRI REPORT

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18th Oct 2010 to 23rd Oct 2010
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Weekly Agri Report1st March to 6th Mar 2010

R ES EA R C HR ES EA R C H

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Weekly Chart

Jeera is in a consolidation phase and one should use the strategy of selling on higher levels. If in the coming week Jeerasustains below the level of 12500 then we can expect a level of 12050, and if it sustains above 13500 we can see the level of13900.

Strategy

Last week Jeera was in consolidation and was neither able to sustain at higher level nor at lower level. For the next weekresistance in Jeera is found at 13500 and support at 12500.

JEERA DROPS ON SUBDUED DEMAND

Jeera November contract dropped Rs 115 and sett led at Rs 13080 a kg due

to sluggish export demand and hopes of a rise in acreage in the up-coming

sowing season. Export demand is not encouraging. But any improvement

in export demand may push the prices up. The total arrivals of Jeera were

around 1100 bags were reported at Unjha Mandi against 1000 bags from

the previous day. The NCDEX Jeera futures traded on a negative note

during last week's trading session. Extended fresh buying supported the

prices. Reduced arrivals at spot market also added to the upside. However,

prices failed to sustained the gains and fell drastically on prof it booking at

higher levels and ended the week in red. The NCDEX Jeera futures areexpected to trade slightly positive during next week's trading session.

Short covering may support the prices. However, weakening export

demand despite of lower prices in international market is likely to weigh on

sentiments. Good soil moisture for next season sowing may induce farmers

to sow more area under Jeera crop.

Weekly Pivots

R4 14485

13525R2

P

S2

13045

12565

S4 11606

SCRIPT JEERA

14000R3

13260R1

S1 12775

S3 12086

Weak Demand

Fresh Buying

REASONS FOR MOVEMENTJEERA

Weekly Report Agri18th Oct to 23rd Oct 2010


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Weekly Agri Report1st March to 6th Mar 2010



Weekly Chart

For next week traders should go for buying on lower level strategy, if Guar seed sustains above the level of 2120 we can see thelevel of 2170, and below 1980 it can touch the level of 1930.

Strategy

Last week we saw some good buying coming in Guar seed and it sustained at higher levels for most part of the week, but someprofit booking came on the last day of the week. For the next week resistance in Guar seed is found at 2120 and support at

1980.

GUAR DECLINES ON PROFIT BOOKING

Guar futures touched a high of Rs. 2110 per qt l level, however, sett led

range bound towards the end due to profit booking. The demand for

Guar seed and gum at lower prices levels still persist which is

supporting Guar prices. Supply tightness would continue to rule the

markets till the fresh arrivals of good quality crop gain momentum.

Fresh arrivals would peak up only by the end of October. Till then Guar

prices may remain firm. The Guar seed crop is going to be a bumper

crop and hence the upside would be capped once the fresh arrivals gain

momentum from major guar growing areas. November onwards Guar

prices may again decline on expectat ions of a bumper crop in 2010-11

which is currently estimated to be around 150 lakh bags (15 lakh

tones). Pace of arrivals and overseas demand would also influence the

prices. After gaining more than 3.8% in the last 2 days, Guar futures

may remain sideways in the intraday due to lack of fresh fundamentals.

In the short term Guar prices are expected to trade firm as supply

tightness may continue till the fresh arrivals gain momentum. In the

medium term (November onwards), the price trend will depend on the

pace of arrivals of Guar crop, demand from the overseas market and

stocks of Guar with the stockists.

Weekly Pivots

R4 2478

2196R2

P

S2

2055

1914

S4 1632

SCRIPT GUARSEED

2337R3

2130R1

S1 1989

S3 1773

Profit Booking

High Arrival Expectation

REASONS FOR MOVEMENTGUARSEED



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Weekly Commodity Report1st March to 6th Mar 2010



Weekly Chart

Soybean is in a consolidation phase on charts and one should look for buying opportunit ies at lower levels, if Soybean sustainsabove the level of 2310 we can see the level of 2365, and on the down side if it sustains below the level of 2100 we can seeSoybean at 2035 level.

Strategy

Last week Soybean breaks the important resistance of 2200 but was not able to sustain near it and even closed below the level.

For the next week Soybean has resistance at 2310 and support at 2100.

SOYBEAN TUM BLES ON PROFIT BOOKING

NCDEX November Soybean futures closed lower on profit taking after

sharp rise in the last 3-4 days. Spread between NCDEX November and

December contract is Rs 27 against previous day of Rs 37.50 per 100

Kg. CBOT November Soybean futures ended higher at $ 11.88/bushels

on Thursday, up 12.00 cents/bushel as compared to previous close.

CBOT December Soybean meal futures ended higher at $ 331.70/ton

on Thursday, up $2.70/tonne as compared to previous close. For

Intraday, Soybean prices are expected to trade higher in anticipation ofbetter export demand of Soy meal and there is news that the virus

attack on Soybean crop in Madhya Pradesh, which may damage 1% of

total crop. In the medium term, prices are expected to slip again on

account of fresh arrivals in Madhya Pradesh, which is a major

producing state of soybean and it contributes more than 50% of its

total production. Existing better carry over stock this year as compared

to last year are in favour of bears.

Weekly Pivots

R4 2626

2342R2

P

S2

2200

2058

S4 1774

SCRIPT SOYABEAN

2484R3

2265R1

S1 2123

S3 1916

REASONS FOR MOVEMENT

Profit Booking

Better Export Demand

SOYABEAN



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Weekly Chart

Overall trend of Chana is of consolidation and one should go for buying on lower level strategy in it. For the coming week ifChana sustains above 2450 level we can see it at 2500 and below 2280 we can expect the level of 2245.

Strategy

Last week we saw good buying coming in Chana at lower levels and it even closed near to its weekly high. For the coming

week Chana has resistance at 2450 and support at 2280.

CHANA GAINS ON FESTIVE DEMAND

Demand for Chana dal has improved in the past few weeks; however,

weakness in other Pulses is capping the gains at higher levels. Festive

demand ahead may keep Chana prices firm only in the short term.

According to the market sources, MSP of Chana which was set at Rs.

1760 per qtl in the last year may increase to Rs. 2100 per qtl. This will

support the Chana prices as, no farmer w ill sell their produce below Rs.

2100 per qtl. Overall fundamentals are not supportive for the prices to

rise in the medium term (November) as India is going to harvest record

pulses crop in Kharif 2010. The acreage under pulses has expanded by awhopping 20 lakh hectares from last year. Spread between October and

November contract is at Rs. 46 as compared to Rs.50 per qtl. In the short

term, Chana prices may trade sideways with positive bias on

expectations of better demand ahead of festive seasons. However,

November onwards, Chana futures are expected to remain under

pressure on the reports of higher sowing acreage under Kharif Pulses. In

the long term (December onwards) Chana prices may take cues from the

prices of other pulses and sowing progress of Chana in the major

growing areas.

Weekly Pivots

R4 2673

2461R2

P

S2

2355

2249

S4 2037

SCRIPT CHANA

2567R3

2420R1

S1 2314

S3 2143

Festive Demand

Higher Sowing Acreage

REASONS FOR MOVEMENTCHANA



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Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3

JEERA 14026.67 13546.67 13298.33 13066.67 12818.33 12586.67 12106.67

TURMERIC 16856.00 15990.00 15634.00 15124.00 14768.00 14258.00 13392.00

PEPPER 19969.00 19285.00 18946.00 18601.00 18262.00 17917.00 17233.00

SOYABEAN 2483.67 2341.67 2264.33 2199.67 2122.33 2057.67 1915.67

GUARGUM 5275.67 5021.67 4883.33 4767.67 4629.33 4513.67 4259.67

GUARSEED 2337.33 2196.33 2130.67 2055.33 1989.67 1914.33 1773.33

CHANA 2568.33 2462.33 2422.67 2356.33 2316.67 2250.33 2144.33

Script R3 R2 R1 PP S1 S2 S3

MUSTARD SEED 580.82 568.87 561.58 556.92 549.63 544.97 533.02

KAPAS 790.17 761.47 743.23 732.77 714.53 704.07 675.37

GUR 1021.33 980.13 954.07 938.93 912.87 897.73 856.53

CARDAMOM 1196.80 1111.00 1079.40 1025.20 993.60 939.40 853.60

CRUDE PALM OIL 454.03 442.53 437.57 431.03 426.07 419.53 408.03

REFINED SOYA OIL 557.95 540.60 531.50 523.25 514.15 505.90 488.55

MENTHA OIL 1146.00 1064.50 1028.70 983.00 947.20 901.50 820.00



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Agri Commodity Reports for the Week (18th - 22nd October '10)

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Transcript of Agri Commodity Reports for the Week (18th - 22nd October '10)