Weekly Agri Commodity Report by www.capitalheight.com 12-12-11 TO 16-12-2011
MARKET WRAP FOR WEEKLY AGRI COMMODITY
CHANA
· Chana ended after two weeks of downtrend on the back of short covering and fresh buying at lower levels though its demand outlook is still cautious.
· Chana acreage has grown up by 1.17% though its area sown is still at 7.94 mn hectare vs. 7.97 mn. Its prices will take cues from its sowing progress and its demand and arrivals in the domestic market.
GUARSEED
· Guar seed continued its uptrend to make a fresh all time high of 5742 as its special margin of 10% is removed coupled with its robust demand outlook.
· Guar seed trend is now a bit cautious as the arrival season is ongoing in the domestic market though any news of lower arrivals from major producing states like Rajasthan and Gujarat can extend the upward momentum.
JEERA
· Jeera ended up due to short covering and fresh buying on report of weak sowing and unfavorable weather conditions in major Jeera producing regions.
· Jeera prices will take cues from its sowing progress in Gujarat & Rajasthan and its carryover stocks, also, weak weather conditions can support prices.
PEPPER
· Pepper gained for fifth consecutive week as 10% special margin is removed from long positions coupled with its lower output in domestic market amid thin supply.
· Pepper prices will take cues from its domestic and international production reports and Indian pepper price competitiveness in the international market.Any news of lower output will support prices in upward momentum.
CHANA VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 3250, R2- 3500 | S1- 3050, S2- 2900
GUARSEED VIEW
Trend: Bullish | Strategy: Buy On Dips
R1- 5780, R2- 5970 | S1- 5300, S2- 5150
JEERA VIEW
Trend: Consolidate | Strategy: Sell on High
R1- 14000, R2- 14500 | S1- 13200, S2- 12400
PEPPER VIEW
Trend: Consolidate | Strategy: Buy On Dips
R1- 36300, R2- 37300 | S1- 34300, S2- 32400
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