Sugar
Sugar futures are forecast to continue its downward trend due to increased selling pressure and lethargic demand for the produce
The UP mills have agreed to pay Rs125 a quintal of cane against Rs140 fixed by the government
However, Allahabad high co urt has not gave final verdict on the issue of SAP and it is expected that it will give final decision today
NCDEX will be delivering 12,930 tonne of sugar in the current month
NCDEX Steel Dec
Sell at 22320-360 TP 22000 SL 22600
NCDEX Guar seed Jan
Sell at 1655-58 TP 1622 SL 1675
NCDEX RM Seed Jan
Sell at 568-70 TP 559 SL 576
NCDEX Chilli Dec
Sell at 5525-30 TP 5465 SL 5575
NCDEX Pepper Dec
Buy above 11730 TP 11940 SL 11600
NCDEX Turmeric Dec
Buy at 3925-30 TP 3995 SL 3895
NCDEX Jeera Jan
Buy at 10520-25 TP 10625 SL 10450
NCDEX Sugar Dec
Sell at 1773-75 TP 1760 SL 1788
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.
Pick of the day
Non-Agri commodity
!
STEEL- December-NCDEX: SELL AT 22300-350 TARGETING 22000 THEN 21900 WITH STOP LOSS ABOVE 22580, CLOSED AT 22200
Agri commodities
SUGAR-DECEMBER-NCDEX: Sell around 1773-75 targeting 1750-1745 with stop loss above 1795, closed at 1770
Sugar futures are forecast to continue its downward trend due to increased selling pressure and lethargic demand for the produce
Outlook
Jeera: Jeera prices may remain sideways to weak bias due to steady spot markets. At the same time, delayed
sowing may limit any major decline at least in the short term.
The spot prices are quoting steady at Rs10300 per quintal with arrival of 2000 bags at Unjha spot market
According to trade sources, the sowing has been delayed by nearly two weeks due to late harvest of kharif
crops
The current sowing is progressing well and expected to be higher than last year
Although, exports have increased by 74 percent during April‐October 2008 against same period of last
year, the prices are not able to get support due to weak export demand in recent months
In the october 2008, India has exported 2500 tonnes of jeera compared to 3066 tonnes during same month
of last year
Average export rate during April October 2008 stood at Rs103.84 per kg compared to Rs105.39 per kg in
the same period of 2007
Traders are closely watching the sowing progress, which is crucial for long term price determination
The weather factors are crucial at this stage and any hot winds may affect the germination
Pepper
Pepper futures are forecast to continue its range bound trend in absence of major activity in the market
International markets are in a wait and watch mode for clear price direction
They are also looking at Indian production, which is expected to in the range of 45,000‐50,000 tonnes
Spot prices are in the range of Rs11300 a quintal for un‐garbled pepper
According to data released by the Spices Board, India had export 2,000 tonnes of pepper in October down
from 3,633 tonnes shipped in the same period a year ago
During April‐October 2008 total export was 14,750 tonnes against 22,800 tonnes
In value terms, export fell to Rs3,100 lakh from Rs5122.98 lakh in October
Turmeric:
In early hours, prices are expected to extend its previous days firm movement on strong fundamentals. However, at
higher levels correction is expected on profit taking.
Better export performance coupled with stockiest demand from northern states providing strength in the
market
Speculative reports such as 30% expected decline in production from standing crop and falling inventories
The spot price in Nizamabad and Sangli trading at 3885 levels and 4000 levels per quintal
In spot much activity is not taking place due to off season for turmeric
Technically, December turmeric prices have breached the strong resistance at 3958 and expected to move
further higher side towards 4050 levels
As on 22nd November 2008, total warehouse stock in accredited warehouse piled up to 417 MT.
Chilli:
Chilli prices are likely to trade sideways to weak bias on increasing selling pressure at higher levels on steady spot
market
In Guntur spot market, spot price remained steady at 5780 levels with average arrivals of around 25000
bags
The best quality stock is quoting firm at 6000 levels per quintal on shortage of stock
Badgy and Teja Aswhini are trading in the range of 7300‐7400 levels per quintal on persistent export demand
Market is expected to trade in range bound to higher side for next one month period until the fresh crop
arrivals hit the market
In current year, better export performance , lower production estimates and shrinking inventory levels are
the major factors providing strength to the market
At present in Guntur yard, total chilli inventory is estimated at 15‐16 lakh bags declined from last week of
25 lakh bags
In 2008‐09 chilli production estimated to be around 12 lakh tonnes which is lower than last year of 12.5 lakh
tonnes on lowered acreage under chilli cultivation
Total chiilli exports from India were around 121,000Mt marginally higher than last year of 121450 MT during
April to October perio
Sugar futures are forecast to continue its downward trend due to increased selling pressure and lethargic demand for the produce
The UP mills have agreed to pay Rs125 a quintal of cane against Rs140 fixed by the government
However, Allahabad high co urt has not gave final verdict on the issue of SAP and it is expected that it will give final decision today
NCDEX will be delivering 12,930 tonne of sugar in the current month
NCDEX Steel Dec
Sell at 22320-360 TP 22000 SL 22600
NCDEX Guar seed Jan
Sell at 1655-58 TP 1622 SL 1675
NCDEX RM Seed Jan
Sell at 568-70 TP 559 SL 576
NCDEX Chilli Dec
Sell at 5525-30 TP 5465 SL 5575
NCDEX Pepper Dec
Buy above 11730 TP 11940 SL 11600
NCDEX Turmeric Dec
Buy at 3925-30 TP 3995 SL 3895
NCDEX Jeera Jan
Buy at 10520-25 TP 10625 SL 10450
NCDEX Sugar Dec
Sell at 1773-75 TP 1760 SL 1788
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.
Pick of the day
Non-Agri commodity
!
STEEL- December-NCDEX: SELL AT 22300-350 TARGETING 22000 THEN 21900 WITH STOP LOSS ABOVE 22580, CLOSED AT 22200
Agri commodities
SUGAR-DECEMBER-NCDEX: Sell around 1773-75 targeting 1750-1745 with stop loss above 1795, closed at 1770
Sugar futures are forecast to continue its downward trend due to increased selling pressure and lethargic demand for the produce
Outlook
Jeera: Jeera prices may remain sideways to weak bias due to steady spot markets. At the same time, delayed
sowing may limit any major decline at least in the short term.
The spot prices are quoting steady at Rs10300 per quintal with arrival of 2000 bags at Unjha spot market
According to trade sources, the sowing has been delayed by nearly two weeks due to late harvest of kharif
crops
The current sowing is progressing well and expected to be higher than last year
Although, exports have increased by 74 percent during April‐October 2008 against same period of last
year, the prices are not able to get support due to weak export demand in recent months
In the october 2008, India has exported 2500 tonnes of jeera compared to 3066 tonnes during same month
of last year
Average export rate during April October 2008 stood at Rs103.84 per kg compared to Rs105.39 per kg in
the same period of 2007
Traders are closely watching the sowing progress, which is crucial for long term price determination
The weather factors are crucial at this stage and any hot winds may affect the germination
Pepper
Pepper futures are forecast to continue its range bound trend in absence of major activity in the market
International markets are in a wait and watch mode for clear price direction
They are also looking at Indian production, which is expected to in the range of 45,000‐50,000 tonnes
Spot prices are in the range of Rs11300 a quintal for un‐garbled pepper
According to data released by the Spices Board, India had export 2,000 tonnes of pepper in October down
from 3,633 tonnes shipped in the same period a year ago
During April‐October 2008 total export was 14,750 tonnes against 22,800 tonnes
In value terms, export fell to Rs3,100 lakh from Rs5122.98 lakh in October
Turmeric:
In early hours, prices are expected to extend its previous days firm movement on strong fundamentals. However, at
higher levels correction is expected on profit taking.
Better export performance coupled with stockiest demand from northern states providing strength in the
market
Speculative reports such as 30% expected decline in production from standing crop and falling inventories
The spot price in Nizamabad and Sangli trading at 3885 levels and 4000 levels per quintal
In spot much activity is not taking place due to off season for turmeric
Technically, December turmeric prices have breached the strong resistance at 3958 and expected to move
further higher side towards 4050 levels
As on 22nd November 2008, total warehouse stock in accredited warehouse piled up to 417 MT.
Chilli:
Chilli prices are likely to trade sideways to weak bias on increasing selling pressure at higher levels on steady spot
market
In Guntur spot market, spot price remained steady at 5780 levels with average arrivals of around 25000
bags
The best quality stock is quoting firm at 6000 levels per quintal on shortage of stock
Badgy and Teja Aswhini are trading in the range of 7300‐7400 levels per quintal on persistent export demand
Market is expected to trade in range bound to higher side for next one month period until the fresh crop
arrivals hit the market
In current year, better export performance , lower production estimates and shrinking inventory levels are
the major factors providing strength to the market
At present in Guntur yard, total chilli inventory is estimated at 15‐16 lakh bags declined from last week of
25 lakh bags
In 2008‐09 chilli production estimated to be around 12 lakh tonnes which is lower than last year of 12.5 lakh
tonnes on lowered acreage under chilli cultivation
Total chiilli exports from India were around 121,000Mt marginally higher than last year of 121450 MT during
April to October perio
