Mentha oil August contract dropped Rs 1.1 and settled at Rs 721.1 a kg fall in demand at physical markets. Increased arrivals at spot market from the producing belts in Uttar Pradesh also weighed on the prices. There have been expectations of some more profit booking before demand picks up again at lower levels. The contract made intraday low of Rs 716.7 a kg and high of Rs 727.1 a kg with the volume of 1808 and total open interest for the same contact was at 4262.Now support for the menthol is seen at 716.2 and below could see a test of 711.2. Resistance is now likely to be seen at 726.6, a move above could see prices testing 732.
Pepper August delivery dropped Rs 127 and settled at Rs 20720/quintal on sluggish spot market demand. Higher prices of Indian pepper in the international markets are making Indian parity out priced in the global markets. Black Pepper MG-1 at Kochi quoted steady at Rs 20600 per 100 kg and arrivals and offtakes were 200 quintals. Spot pepper fell 230 rupees to end at 20,625 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 21125/quintal while low of Rs 20580/quintal. Now support for the pepper is seen at 20492 and below could see a test of 20263. Resistance is now likely to be seen at 21037, a move above could see prices testing 21353.
Guar yesterday we have seen that market has moved 0.25% in the wake of rising demand of guargum miller
Lundin Mining Corp. said it has been notified of possible strike action at its Aguablanca nickel-copper mine in Spain and this, combined with recent heavy rains, has led it to reduce its guidance for the operation's 2010 production. Nickel has touched a low of Rs 948.3 a kg after opening at Rs.953.6, and last traded at Rs 959.1.For today market is looking for the support at 949.7, a break below could see a test of 940.2 and where as resistance is now likely to be seen at 967.2, a move above could see prices testing 975.2.
The zinc market was in surplus by 241 kilo tonne during January to May 2010 that compares with a surplus of 210 kilo tonne recorded in the whole of the previous year. Zinc yesterday we have seen that market has moved 1.1%. Market has opened at 90.3 & made a low of 89.95 versus the day high of 92.05. The total volume for the day was at 24002 lots and the open interest was at 3329.Now support for the zinc is seen at 90.1 and below could see a test of 89. Resistance is now likely to be seen at 92.2, a move above could see prices testing 93.2.
Copper ended higher on a lower dollar, stronger company earnings, and optimism about Chinese demEmkay Research has issued a BUY recommendation on InterGlobe Aviation (IndiGo), setting a revised target price of Rs5,500, implying a potential upside of approximately 31.5% from the current market
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