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WEEKLY
AGRI REPORT

Fresh Buying Keep Spices Off Lows !!

08th February 2010 to 13th Feb 2010
 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

JEERA
Spot prices at Unjha were quoted at lower rates due to reduced REASONS FOR MOVEMENT IN JEERA
offtakes by the local stockists. Buyers at the domestic and overseas are Good Arrivals
following a wait and watch stance as the fresh jeera arrivals are
Higher Output
expected in the near term ( mid of March). Good arrivals in domestic
mandis may pressurize the prices. In the short term (till mid of February)
prices may be determined by domestic stocks of jeera till the fresh crop
arrivals in the month of March and demand from the domestic and
overseas market. Prices of jeera in the international market of various Weekly Pivots
origins such as India, Syria and Turkey may also determine the price SCRIPT JEERA
trend in the near term. Stocks of jeera in Syria, Turkey and India and
R4 14248
clear production estimates in the above nations may drive the prices in
the medium to long term (February end onwards). R3 13511
R2 12774
R1 12292
P 12037
S1 11555
S2 11300
S3 10563
S4 9826

JEERA (Weekly Chart)

All over trend of Jeera is still bearish, but market is not sustaining at lower levels now and fresh buying is seen at lower levels,
for the upcoming week resistance is at 12620 and 13100 and supports are 11200 and 10600.
Strategy
Jeera is not sustaining at lower levels and one can use the strategy of buying on dips, if it sustains above the level of 12620 we
can see Jeera touching the level of 13000.

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 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

GUARSEED
In the Physical markets of Guar, good demand for Guar seed has been REASONS FOR MOVEMENT IN GUARSEED
observed since last week. However, demand for Guar gum continues to Good Demand In Physical Market
remain lackluster and thus prices are not gaining much. Comfortable
Ample Carryover Stocks
carryover stocks of Guar gum coupled with subdued overseas demand
were pressurizing Guar futures since last 3-4 weeks. Millers were not
buying Guar seed at high prices as they have huge stocks of Gum and
also there is a huge disparity in the price of seed and gum. However,
demand for Guar seed has improved during the last week. Weekly Pivots
International markets after remaining lackluster in the past month are SCRIPT GUARSEED
expected to pick up. Once overseas orders are placed in good quantity,
R4 2866
prices may find support and strengthen.
R3 2713
R2 2560
R1 2498
P 2407
S1 2345
S2 2254
S3 2101
S4 1948

GUARSEED (Weekly Chart)

After falling for continuously four weeks, last week some buying is seen in guarseed at lower levels, for the upcoming week
guar has resistance at 2490 and 2577 and support at 2250 and 2190.
Strategy
Fresh buying is seen in guarseed at lower levels and one should go for buying at lower levels, if it sustains above the level of
2490 we can see the levels of 2570 and 2620.
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 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

TURMERIC
Spot prices for the short term (15-20days) may not witness sharp fall REASONS FOR MOVEMENT IN TURMERIC
due to lower availability of turmeric till the fresh arrivals in good Fresh Arrival
quantity. Demand from the domestic market especially from north
Lower Stock
India is present in good quantity whereas overseas demand is expected
in the coming days as the prices are quoting at lower levels. Turmeric
prices on one hand may find support if fresh orders are placed from
domestic market in good quantity and on the other better production
estimates of the commodity may cap the upside. Prices thus in the near Weekly Pivots
month contracts may not fall sharply down due to lower stocks of SCRIPT TURMERIC
turmeric. Prices in the far month contract in the short term (till mid of
R4 7843
February) may depend on the fresh arrivals and demand from the
domestic and overseas market. In the medium to long term prices are R3 7528
likely to trade in sideways to down manner due to fresh turmeric R2 7213
arrivals in the domestic mandis (February end onwards). R1 7021
P 6898
S1 6706
S2 6583
S3 6268
S4 5953

TURMERIC (Weekly Chart)

Turmeric consolidated the entire previous week, and is not sustaining at higher levels, it remained in the narrow range of 6800
and 7100.
Strategy
Turmeric is in consolidation and one should work on breakouts, if it sustains below 6800 we can see the level of 6600 to 6500.

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 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

CHANA
Spot as well as futures market of Chana has improved in the last 2-3 REASONS FOR MOVEMENT IN CHANA
sessions due to improved buying at lower levels. Chana futures had Short Covering
fallen by almost 20% since last 1 month on reports of higher acreage Fresh Buying At Lower Levels
under Rabi Pulses and huge carry forwards stocks of last year. Chana
Expectation Of More Government
production stood at around 7.05 MMT up from the 2007-08 final
Intervention
estimates of 5.75 MMT. Thus, India is having huge stocks of Chana
from the last year's bumper harvest. As on 14th Jan 2010, Chana has
been sown over an area of 86 lakh hectares – the highest since the
Weekly Pivots
84.70 lakh hectares of 1998-99 and 81 lakh hectares during the same SCRIPT CHANA
period last year. If, weather conditions remain favorable in Rajasthan,
R4 2815
where the crop is yet to come, Chana output will again be on the higher
R3 2633
side in the coming season, which will cap the upside in the prices.
R2 2451
R1 2377
P 2269
S1 2195
S2 2087
S3 1905
S4 1723

CHANA (Weekly Chart)

Chana saw buying at lower levels last week, and it is not sustaining near the crucial support of 2150. Chana has support of
2150 and 2060 and resistance at 2365 and 2450.
Strategy
One should go for buying at dips strategy in chana for the upcoming week and if it sustains above 2365 one can see the level
of 2450.
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 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3
JEERA 12547.00 12774.67 12292.33 12037.67 11555.33 11300.67 10818.33

TURMERIC 7145.00 7213.33 7021.67 6898.33 6706.67 6583.33 6391.67

PEPPER 13959.00 14276.00 13548.00 13137.00 12409.00 11998.00 11270.00

SOYABEAN 2220.50 2202.00 2159.50 2098.50 2056.00 1995.00 1952.50

GUARGUM 5199.00 5159.67 5032.33 4865.67 4738.33 4571.67 4444.33

GUARSEED 2589.00 2560.00 2498.00 2407.00 2345.00 2254.00 2192.00

CHANA 2485.00 2451.00 2377.00 2269.00 2195.00 2087.00 2013.00

Script R3 R2 R1 PP S1 S2 S3
MENTHA OIL 592.50 601.50 581.00 569.50 549.00 537.50 517.00
REFINED SOYA
478.90 474.87 465.93 452.97 444.03 431.07 422.13
OIL
CRUDE PALM
374.30 370.87 365.43 356.57 351.13 342.27 336.83
OIL
GUR 1201.80 1202.73 1178.87 1155.93 1132.07 1109.13 1085.27

WHEAT 1450.90 1442.63 1417.27 1383.63 1358.27 1324.63 1299.27

MUSTARD 513.50 514.67 498.33 483.17 466.83 451.67 435.33

CARDAMOM 1300.60 1330.43 1234.07 1167.53 1071.17 1004.63 908.27

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 Weekly Report Agri
08th February to 13th Feb 2010
RESEARCH

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