Jeera August contract gained Rs 253 and settled at Rs 13975 a kg supported by good demand in spot market amid a decline in daily arrivals as stockists have held back stocks on hopes of higher prices. Local demand is supporting prices. Sentiment in the spices complex is firm. At Unjha, spot market in Gujarat, jeera gained 135.5 rupees to end at 13,500 rupees per 100 kg. The contract made intraday low of Rs 13700 a kg and high of Rs 14030 a kg. Support for jeera is at 13773 below that could see a test of 13572. Resistance is now seen at 14103 above that could see a resistance of 14232.
Turmeric yesterday we have seen that market has moved 0.42% tracking firm demand in the spot market, where supply was limited but a reviving monsoon that is expected to help sowing and boost output limited the upside. In Nizamabad spot market, turmeric jumped 211 rupees to end at 14,975 rupees. Sowing is good in our area, rains were good in the past week. Market has opened at 14718 & made a low of 14620 versus the day high of 14800. The total volume for the day was at 2430 lots and the open interest was at 6710.Support for turmeric is at 14649 below that could see a test of 14545. Resistance is now seen at 14829 above that could see a resistance of 14905.
Chana gained Rs 24 and settled at Rs 2297 per quintal on buying interest at lower levels supported by a decline in daily arrivals in the spot market. Hopes of higher output and sufficient stocks capped the gains. In Delhi spot market, chana fell 20 rupees to end at 2,172 rupees per 100 kg. The volume was noted at 108250 lots. Support for chana is at 2266 below that could see a test of 2235. Resistance is now seen at 2318 above that could see a resistance of 2339.
Soyabean yesterday we have seen that market has moved -0.56% on higher stocks.
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.Geojit Financial Services has issued a ‘BUY’ recommendation on CCL Products (India) Ltd., highlighting strong earnings momentum, improving balance sheet strength, and a technically bullish setup.
News in Focus
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