Weekly Agri Report by www.epicresearch.co - 04 February 2013

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indore, India (prHWY.com) February 4, 2013 - NCDEX Soybean has resistance at Rs 3294.67
On the National Commodity & Derivatives Exchange, soy futures today ended marginally up on late session recovery responding to fall in rupee from early highs against the dollar. Rupee has inverse correlation with soyoil due to India's heavy dependence on dollar denominated imports of edible oils. Crude palm oil futures on MCX ended in the red factoring the rise in rupee, coupled with weak winter season demand for the cheapest edible oil, which has a tendency to crystallize in low temperatures. Mustard futures ended lower on improved crop output prospects due to the over 2% rise in acreage and favorable weather in north India. Soybean prices across markets were marginally down in absence of cues from futures market, which remained flat.
TRADING TIP :
* BUY JEERA MAR
ABOVE 13810
TGTS
13950/14100
SL 13640
* SELL CHANA
APR BELOW
3480 TGTS
3440/3400
SL 3520


WEEKLY MARKET ANALYSIS

* Pepper
Pepper prices weakened by Rs 90 to Rs 36,855 per quintal in futures trade today as
speculators reduced their positions after fall in demand at prevailing higher levels in the spotmarket. However, expectations of higher output also put pressure on pepper prices. At theNational Commodity and Derivatives Exchange, pepper for delivery in March month declined by Rs 90, or 0.24 per cent to Rs 36,855 per quintal with an open interest of 1,670 lots.


* Chilli
Chilli prices rose by Rs 100 per quintal in the national capital today, largely on the back of apick-up in demand from local parties as well as overseas enquiries. Firming trend in futuresmarket also supported the uptrend in select spice prices. Red chilli prices rose by Rs 100 to settle at Rs 6,500-11,500 per quintal

* Turmeric

Turmeric prices declined by Rs 36 to Rs 6,406 per quintal in futures market today owing to subdued demand in the spot market against sufficient supplies. At the National Commodity and Derivatives Exchange, turmeric for delivery in May declined by Rs 36, or 0.56 per cent to Rs 6,406 per quintal with an open interest of 7,565 lots. Likewise, the spice for delivery in April contract traded lower by Rs 32, or 0.50 per cent to Rs 6,310 per quintal in 27,860 lots..

* Jeera

Jeera prices fell by 0.93 per cent to Rs 13,527.50 per quintal in futures trading today as speculators trimmed positions largely on hopes of higher output this year. At the National Commodity and Derivatives Exchange, Jeera for delivery in April fell by Rs 127.50, or 0.93 per cent to Rs 13,527.50 per quintal with an open interest of 5,688 lots. Similarly, the spice for delivery in the March contract declined by Rs 125, or 0.92 per cent, to Rs 13,440 per quintal in 11,466 lots. Market analysts said, off-loading of positions by speculators on hopes of higher output this year due to favorable weather conditions in producing states mainly put pressure on jeera prices at futures trade.

WEEKLY SOYABEAN

OPEN: 3204
HIGH: 3265
LOW: 3145
CLOSE: 3264
* SOYABEAN LOOKS UPWARDS
* TREND: CONSOLIDATED
* STRATEGY: BUY ON DIPS

WEEKLY CHANA

OPEN: 3614
HIGH: 3627
LOW: 3470
CLOSE: 3476
* CHANA LOOKS DOWNWARDS
* TREND: CONSOLIDATED
* STRATEGY: SELL ON RISE

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