Mentha oil July contract dropped Rs 0.4 and settled at Rs 705 a kg due to lack of cues in market. The contract made intraday low of Rs 702.2 a kg and high of Rs 709.4 a kg with the volume of 1463 and total open interest for the same contact was at 4498.Now support for the menthol is seen at 701.7 and below could see a test of 698.3. Resistance is now likely to be seen at 708.9, a move above could see prices testing 712.7.
Pepper August delivery gained Rs 527 and settled at Rs 19568/quintal on encouraging export demand amid a supply shortage. Supply position is very tight in the market. Farmers are not bringing their produce as they are anticipating further rise in prices. Spot pepper gained 126 rupees to end at 18,722 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 19595/quintal while low of Rs 18905/quintal. Now support for the pepper is seen at 19117 and below could see a test of 18666. Resistance is now likely to be seen at 19807, a move above could see prices testing 20046.
Guar yesterday we have seen that market has moved 2.3% on value buying supported by good export demand for guar gum and thin supplies in spot. Exporters are very active and demand from overseas countries is good. In the Jodhpur spot market, guar fell 15 rupees to end at 2,354 rupees per 100 kg. Market has opened at 2462 & made a low of 2435 versus the day high of 2544. The total volume for the day was at 484060 lots and the open interest was at 187280.Now support for the guar is seen at 2463 and below could see a test of 2394. Resistance is now likely to be seen at 2572, a move above could see prices testing 2612.
Nickel ended down with weakening trend overseas amid reduced offtake by consuming industries. Besides weak global cues, reduced offtake by consuming industries also led to a fall in copper and nickel prices. Nickel has touched a low of Rs 896 a kg after opening at Rs.909.5, and last traded at Rs 901.2.For today market is looking for the support at 894.1, a break below could see a test of 887.1 and where as resistance is now likely to be seen at 910.1, a move above could see prices testing 919.1.
Mitsui Mining & Smelting Co. said it raised its zinc selling price by Y10,000 to Y210,000 a metric ton. This will bring the average zinc selling price for July to Y206,700. Zinc yesterday we have seen that market has moved -1.09%. Market has opened at 86.8 & made a low of 85.75 versus the day high of 87.1. The total volume for the day was at 21211 lots and the open interest was at 5105.Now support for the zinc is seen at 85.8 and below could see a test of 85.1. Resistance is now likely to be seen at 87.2, a move above could see prices testing 87.8.
Copper declined after data showed falling Chinese imports, renewing concern about global growth Prabhudas Lilladher has initiated a BUY call on Ajanta Pharma, urging investors to seize this opportunity based on the company’s robust branded generics (BGx) franchise, promising financial perform
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