Non-Agri commodity
Pepper- December-NCDEX: Sell around 11350-11370 targeting 10950 with stop loss above 11630, closed at 11211
Pepper futures are projected to continue its downward trend on account of mounting selling pressure and poor demand for the produce
Soybean- December- NCDEX: Sell around 1645-1650 targeting 1620-1625 with stop loss above 1673, closed at 1639
Soybean futures are projected to continue its downward trend based on weak gl! obal market sentiment coupled with weak domestic fundamental factors
NCDEX Steel Dec Sell at 21950-22000 TP 21650 SL 22250
NCDEX Guar seed Jan Sell at 1618-22 TP 1580 SL 1648
NCDEX Soybean DecSell at 1643-45 TP 1625 SL 1662
NCDEX RM Seed Jan Sell at 561-63 TP 555 SL 568
NCDEX Chilli Dec Sell at 5490-5500 TP 5430 SL 5535
NCDEX Pepper Dec Sell at 11315-330 TP 10950 SL 11580
NCDEX Turmeric Dec Sell at 3905-3910 TP 3860 SL 3946
NCDEX Jeera Jan Sell at 10430-40 TP 10250 SL 10510
NCDEX Sugar Dec Sell at 1763-65 TP 1742 SL 1780
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.
Outlook
Jeera: Jeera prices are expected to remain weak due to weak demand in the spot markets and better sowing of rabi
crop.
The spot prices are quoting steady at Rs10300 per quintal with arrival of 2000 bags at Unjha spot market
Although the sowing has been delayed in this season, the overall acreage is likely to increase in this season
due to better availability of irrigation resources in Gujarat
If the sowing progress in the same manner and weather goes favorable for the crop in coming moths, the
output may cross 30 lakh bags in current year against 25 lakh bags in last year
Demand for jeera in both domestic and export market is weak due to economic slowdown
Meanwhile, less carry forward stocks in the spot markets and low inventory at exchange warehouses may
provide some support to the prices
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
Overall trend still remain weak and prices may come down towards Rs8000 levels in coming months
Pepper
Pepper futures are projected to continue its downward trend on account of mounting selling pressure and poor
demand for the produce
According to sources, Indonesia is having around 1 lakh tonnes black and white pepper as carry forward
stocks
Traders are saying there is something wrong in this figure because its production is much lower compared to
other countries
Bears activity in the market led to sharp fall in spot prices to Rs11000 a quintal for un‐garbled pepper
With the fall in spot and futures prices, Indian parity fell to $2475‐2500 a tonne
Turmeric: Prices are expected to correct further on profit taking at higher levels despite the firm spot market
sentiment and strong fundamental factors.
Irrespective of firm spot market sentiment , prices in futures trading lower side due to profit taking on recent
firm movement and further fall in expected before taking a pullback on taking cues from the firm spot
market sentiment
In Nizamabad spot price strengthened to 3887 levels from previous day of 3882 levels per quintal
Currently the underlying sentiment of the market is strong on speculative reports of shrinking inventories
and lower production estimates
In addition to that, strong buying interest from the upcountry and overseas buyers providing strength to
the prices
According to trade source, currently the total available inventories are estimated to be around 41000MT
which is lower than last year of 48000MT
Chilli: Chilli prices are anticipated to trade further lower on the back of increasing selling pressure at higher levels on
steady spot market sentiment and ease in demand at higher levels.
In Guntur spot market, spot chilli prices are trading in the range of Rs 5800‐6200 levels per quintal
At higher prices farmers and stockiest are willing to offload the old stock, which resulted in higher arrivals in
the market around 30000 bags
On the other side, demand eased from the domestic buyers at these higher prices
Badgy and Teja Aswhini are trading premium to local varieties in the range of 7300‐7400 levels per quintal
on consistent export demand and short supply of stock of the same
In current year, better export performance , lower production estimates and shrinking inventory levels are
the major factors influenced the prices to boost to present levels
At present in Guntur yard, total chilli inventory is estimated at 15‐16 lakh bags declined from last week of
25 lakh bags
According to market source in 2008‐09 chilli production estimated to be around 12 lakh tonnes against last
year of 12.5 lakh tonnes on lowered acreage brought under chilli cultivation
Pepper- December-NCDEX: Sell around 11350-11370 targeting 10950 with stop loss above 11630, closed at 11211
Pepper futures are projected to continue its downward trend on account of mounting selling pressure and poor demand for the produce
Soybean- December- NCDEX: Sell around 1645-1650 targeting 1620-1625 with stop loss above 1673, closed at 1639
Soybean futures are projected to continue its downward trend based on weak gl! obal market sentiment coupled with weak domestic fundamental factors
NCDEX Steel Dec Sell at 21950-22000 TP 21650 SL 22250
NCDEX Guar seed Jan Sell at 1618-22 TP 1580 SL 1648
NCDEX Soybean DecSell at 1643-45 TP 1625 SL 1662
NCDEX RM Seed Jan Sell at 561-63 TP 555 SL 568
NCDEX Chilli Dec Sell at 5490-5500 TP 5430 SL 5535
NCDEX Pepper Dec Sell at 11315-330 TP 10950 SL 11580
NCDEX Turmeric Dec Sell at 3905-3910 TP 3860 SL 3946
NCDEX Jeera Jan Sell at 10430-40 TP 10250 SL 10510
NCDEX Sugar Dec Sell at 1763-65 TP 1742 SL 1780
*NOTE: The calls shown above are purely INTRA-DAY and should NOT be carried forward.
Outlook
Jeera: Jeera prices are expected to remain weak due to weak demand in the spot markets and better sowing of rabi
crop.
The spot prices are quoting steady at Rs10300 per quintal with arrival of 2000 bags at Unjha spot market
Although the sowing has been delayed in this season, the overall acreage is likely to increase in this season
due to better availability of irrigation resources in Gujarat
If the sowing progress in the same manner and weather goes favorable for the crop in coming moths, the
output may cross 30 lakh bags in current year against 25 lakh bags in last year
Demand for jeera in both domestic and export market is weak due to economic slowdown
Meanwhile, less carry forward stocks in the spot markets and low inventory at exchange warehouses may
provide some support to the prices
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
Overall trend still remain weak and prices may come down towards Rs8000 levels in coming months
Pepper
Pepper futures are projected to continue its downward trend on account of mounting selling pressure and poor
demand for the produce
According to sources, Indonesia is having around 1 lakh tonnes black and white pepper as carry forward
stocks
Traders are saying there is something wrong in this figure because its production is much lower compared to
other countries
Bears activity in the market led to sharp fall in spot prices to Rs11000 a quintal for un‐garbled pepper
With the fall in spot and futures prices, Indian parity fell to $2475‐2500 a tonne
Turmeric: Prices are expected to correct further on profit taking at higher levels despite the firm spot market
sentiment and strong fundamental factors.
Irrespective of firm spot market sentiment , prices in futures trading lower side due to profit taking on recent
firm movement and further fall in expected before taking a pullback on taking cues from the firm spot
market sentiment
In Nizamabad spot price strengthened to 3887 levels from previous day of 3882 levels per quintal
Currently the underlying sentiment of the market is strong on speculative reports of shrinking inventories
and lower production estimates
In addition to that, strong buying interest from the upcountry and overseas buyers providing strength to
the prices
According to trade source, currently the total available inventories are estimated to be around 41000MT
which is lower than last year of 48000MT
Chilli: Chilli prices are anticipated to trade further lower on the back of increasing selling pressure at higher levels on
steady spot market sentiment and ease in demand at higher levels.
In Guntur spot market, spot chilli prices are trading in the range of Rs 5800‐6200 levels per quintal
At higher prices farmers and stockiest are willing to offload the old stock, which resulted in higher arrivals in
the market around 30000 bags
On the other side, demand eased from the domestic buyers at these higher prices
Badgy and Teja Aswhini are trading premium to local varieties in the range of 7300‐7400 levels per quintal
on consistent export demand and short supply of stock of the same
In current year, better export performance , lower production estimates and shrinking inventory levels are
the major factors influenced the prices to boost to present levels
At present in Guntur yard, total chilli inventory is estimated at 15‐16 lakh bags declined from last week of
25 lakh bags
According to market source in 2008‐09 chilli production estimated to be around 12 lakh tonnes against last
year of 12.5 lakh tonnes on lowered acreage brought under chilli cultivation
