TopNews

Jeera softened on tepid overseas demand and estimates of higher output, a trend which may continue in the next session. Output in Syria is expected to be steady at 25,000 tonnes. Overseas demand is showing no signs of recovery. Spot rates in Unjha, a key spot market in Gujarat, dropped 19.5 rupees to end at 12,552 rupees per 100 kg. June contract dropped Rs 67 and settled at Rs 12225 a kg. The contract made intraday low of Rs 12179 a kg and high of Rs 12297 a kg. Support for jeera is at 12170 below that could see a test of 12116. Resistance is now seen at 12288 above that could see a resistance of 12352.Jeera trading range is 12116-12352.

Turmeric declined on profit-taking by the traders after prices rose more than 36 percent in the last six weeks. In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 25 rupees to end at 14,805 rupees. Turmeric yesterday we have seen that market has moved -3.71%. Market has opened at 14890 & made a low of 14260 versus the day high of 14890. The total volume for the day was at 10380 lots and the open interest was at 10680.Support for turmeric is at 14050 below that could see a test of 13840. Resistance is now seen at 14680 above that could see a resistance of 15100.

Turmeric trading range is 13840-15100.

Chana ended down on estimates of higher output and ample stocks. Demand from dal millers should start picking up ahead of the wedding season. In Delhi spot market, chana gained 8 rupees to end at 2,143 rupees per 100 kg. Chana dropped Rs 5 and settled at Rs 2174 per quintal. The volume was noted at 48960 lots. Support for chana is at 2164 below that could see a test of 2155. Resistance is now seen at 2185 above that could see a resistance of 2197.

Chana trading range is 2155-2197.

Chana ended down on estimates of higher output and ample stocks

Support for the chana is seen at 2164 and resistance is at 2185.

Soybean dropped as higher stocks, weak spot demand and a fall in overseas markets hammered sentiment. At the Indore spot market in top producer Madhya Pradesh, soybean edged down by 9 rupees to 1,939 rupees. Soyabean yesterday we have seen that market has moved -1.12%. Market has opened at 1959 & made a low of 1933 versus the day high of 1959. The total volume for the day was at 47890 lots and the open interest was at 124110.Support for soyabean is at 1930 below that could see a test of 1918. Resistance is now seen at 1956 above that could see a resistance of 1970.

Soyabean trading range is 1918-1970.

Mentha oil settled marginally down as slight profit booking emerged towards the closing. On May 15th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 701,330 kg of which 666,795 kg is physical stock and 34,535 is the demat stock. May contract dropped Rs 0.9 and settled at Rs 695.5 a kg. The contract made intraday low of Rs 688.5 a kg and high of Rs 705.8 a kg with the volume of 1733 and total open interest for the same contact was at 3929.Now support for the menthol is seen at 687.4 and below could see a test of 679.3. Resistance is now likely to be seen at 704.7, a move above could see prices testing 713.9.

According to media reports, a bankruptcy court in Ontario gave Canwest Global Communications Corp. permission to sell its publications business to unsecured creditors for $1.1 billion.

The Globe and Mail reported on Monday that the bid for Canwest's newspaper division beat out a rival bid submitted by Torstar Corp.