calls 11.11.2008

#1
NCDEX Guar seed Jan Buy at 1715-18 TP 1780 SL 1685

NCDEX Soybean Nov Sell at 1665 TP 1640 SL 1680

NCDEX RM Seed Nov Sell at 626-27 TP 618 SL 631

NCDEX Chilli Dec Buy at 5530-40 TP 5360 SL 5470

NCDEX Turmeric Dec Sell at 3657-62 TP 3600 SL 3698

NCDEX Jeera Nov Sell at 10775-85 TP 10590 SL 10850

NCDEX Sugar Dec Buy at 1805-1810 TP 1833 SL 1792

*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.

Outlook
Pepper
Pepper futures are forecast to trade on a positive note due to position squaring following the news of early crop
harvest in the current year
Dry spell in Kerala has resulted into early maturing of the berries thereby forcing the planters to harvest
the berries earlier
International market remained steady with restricted trade participation
Spot prices remained unchanged at Rs11600 a quintal

Turmeric: Turmeric prices are expected to correct further on recent upside rally despite the firm spot market
sentiment and improved spot prices.
In spot market turmeric prices sharply recovered in one week period on speculative reports of shrinking
inventory levels followed by strong demand
In Nizamabad spot market, turmeric price improved to 3750 levels from previous day of 3700 levels
The arrival reported in the market are very limited around 100 bags(70Kg) due to off season for turmeric
From the beginning of the marketing year, turmeric export performance is well compared to last year on
taking the benefits of the depreciating rupee against dollar
On better price realization in current year acreage under turmeric cultivation marginally increased in
Tamil Nadu where as in Nizamabad remained more or less stable
The production estimate figures are around 7.8 lakh tonnes which is marginally higher than last year of
7.6 lakh tonnes
Tight supply of stock in the market and anticipation of lower carry forward stock providing underlying
strong sentiment
Outlook
Chilli
Chilli prices are expected to extend its journey in northward direction on the back of improved physical demand from
the domestic as well as from the overseas buyers.
Today arrivals reported in Guntur market are around 16000 bags
Chilli spot prices appreciated to 5666 levels form previous day of 5530 levels on increased physical demand
Short supply of stock , strong buying interest followed by concerns on declining inventory levels resulted in
firm sentiment in the market
the LCA334 variety trading in the range of Rs5600‐ 6000 levels per quintal based on the quality
The fresh crop arrivals are expected to hit the market by next couple of months from the major producing
center ‐Andhra Pradesh region
Speculative buying on reports of decline in production estimates from standing crop also adding fuel to the
upward movement in recent time
According to trade source, total warehouse stock in cold storages in Guntur is estimated to be around 20 lakh
bags, which sharply decline in one fortnight period from 28 lakh bags.

Mentha oil:
In previous trading session after a tad upside movement in mentha oil prices resumed back its bearish sentiment
on tracking the weak sentiment in the physical market and ended the session on lower side on MCX platform. In
December delivery contract prices after testing an intraday high of 506 levels on short covering prices towards
closing tumbled to 493 levels before closing at 495.7.
In major trading centers Menthaoil prices are trading in bears grip on the back of lackluster demand
Spot price trading steady to weak at 550 0560 levels per KG in Chandausi market.
The global recession and financial and credit crisis in developed countries slumped the demand for mentha
oil in current year
The demand from the domestic buyers also more or less negligible at preset
The continuous arrivals followed by sluggish demand supported the bearish sentiment in recent time
Piled up inventory levels in warehouses and lackluster buying interest building up pressure in the market
In spite of lower production estimates of 32000 MT in 2007‐08 the prices are hovering below 600 levels on
sharp fall in demand across the globe
The revival of winter demand may give fresh direction in the market to move higher side.


Outlook
Soybean
Soybean futures are forecast to trade on a positive note during initial hours taking support from strong sentiment in
overnights CBOT market and later likely to resume its downward trend based on domestic fundamental factors
CBOT soybean and soy oil futures ended higher after release of bullish report by the USDA
In its latest World Agriculture Supply and Demand Estimates report, USDA cut the US soybean production to
2.921 billion bushels from 2.938 billion bushels projected last month
Soybean and soy oil futures on the CBOT made an intraday high of 954.25 cents/bushel and 35.28 cents/lb,
respectively
At present, eCBOT soy complex futures are trading on a negative note reacting to weak crude oil prices
On domestic front, increasing arrivals and poor demand from crushers is keeping the soybean under pressure
In a recently concluded Kharif oilseeds meet at Ahmedabad, the Central Organization for Oil Industry and Trade
has projected the Kharif oilseeds production at 164.10 million tonnes against 164.90 million tonnes produced
last year
It has projected the soybean production at 9.89 million tonnes against 9.46 million tonnes produced last year

Mustard Seed
Mustard seed futures are forecast to trade on a weaker note based on bearish fundamental factors coupled with selling
pressure on speculation that mustard seed production in the current year is likely to be higher than last year because of
anticipated higher acreage under the cultivation. There is a tremendous rise in mustard seed acreage compared to last
year. According to latest data available, till date area cultivated with mustard seed cultivation is 3.5 million hectares
against 2.1 million hectares planted in the same period a year ago.

Crude Palm Oil
Crude palm oil futures are forecast to trade on a weaker note based on weakness in Malaysian market. The benchmark
CPO futures on the MDEX are trading on a negative following release of bearish export data. According to SGS, a cargo
surveyor, palm oil exports from Malaysian declined by 9% to 315,386 tonnes during first 10 days of this month.
 

Similar threads