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Soybean erased early gains to end lower as weakness in the U.S.

Mentha oil ended down yesterday on profit booking. Absence of fresh cue in physical market also weighed on prices. March contract dropped Rs 3.7 and settled at Rs 612.8 a kg. The contract made intraday low of Rs 611.2 a kg and high of Rs 617 a kg with the volume of 994 and total open interest for the same contact was at 2711.Now support for the menthol is seen at 610.3 and below could see a test of 607.9. Resistance is now likely to be seen at 616.1, a move above could see prices testing 619.5.

Trading Ideas:

Menthol Oil trading range is 607.9-619.

Mentha oil spot is at 663/-.Spot market is down by Rs 2/-.

Pepper extend gains to third-straight session and provisionally settled at 50-day high of rupees 13930 per 100 kg on fresh buying and firm local prices. The open interest also increased by 5%. Stockists are buying on hopes that export demand will pick up once new crop arrivals slacken. Spot pepper jumped 201 rupees to end at 13,592 rupees per 100 kg in Kochi. April delivery gained Rs 177 and settled at Rs 13930/quintal. The contract touched the intraday high of Rs 14050/quintal while low of Rs 13762/quintal. Now support for the pepper is seen at 13778 and below could see a test of 13626. Resistance is now likely to be seen at 14066, a move above could see prices testing 14202.

Guar ended lower on profit-taking after rising continuously for the last two sessions. Bearish cues from the spot market, where demand was poor and mounting stocks also weighed on the sentiment. In the Jodhpur spot market in Rajasthan, guar dropped 19 rupees to end at 2,282 rupees per 100 kg. Guar yesterday we have seen that market has moved -1.31%. Market has opened at 2300 & made a low of 2263 versus the day high of 2307. The total volume for the day was at 242740 lots and the open interest was at 194150.Now support for the guar is seen at 2251 and below could see a test of 2235. Resistance is now likely to be seen at 2295, a move above could see prices testing 2323.

BHP Billiton Ltd. said it has halted output at its Kwinana nickel refinery in Western Australia due to a lack of hydrogen gas. Total output at BHP's Nickel West operations, including Kwinana in Western Australia stood at 59,400 metric tons of nickel for the six months to Dec. 31. Nickel has touched a low of Rs 1006 a kg after opening at Rs.1011.7, and last traded at Rs 1033.1.For today market is looking for the support at 1014.6, a break below could see a test of 996.1 and where as resistance is now likely to be seen at 1043, a move above could see prices testing 1052.9.

Trading Ideas:

Nickel trading range is 996.1-1052.9.

U.S. domestic production of recoverable zinc was 49, 700 metric tons in November, down 24% from 65,200 tons the previous month, according to the U.S. Geological Survey.  Average U.S. daily zinc mine production in November was 1,660 tons, 21% lower than in October and 6% lower than in November 2008. Zinc yesterday we have seen that market has moved -0.76%. Market has opened at 105.5 & made a low of 104.55 versus the day high of 105.75. The total volume for the day was at 19338 lots and the open interest was at 3699.Now support for the zinc is seen at 104.4 and below could see a test of 103.9. Resistance is now likely to be seen at 105.6, a move above could see prices testing 106.3.