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Menthol march contract dropped Rs 3 and settled at Rs 585.7 a kg on Saturday there where no major activity seen in the spot market. Some buying is expected in the market if prices remain above the 580 level as spot market is still holding the 650 level yesterday we have seen march contract made intraday low of Rs 584 a kg and high of Rs 592.4 a kg.

Now support for the menthol is seen at 582.3 and below could see a test of 579. Resistance is now likely to be seen at 590.7, a move above could see prices testing 595.8.

Trading Ideas:

Menthol Oil trading range is 572.9-588.

Pepper ended higher on low-level buying, but pressure from fresh arrivals and weak exports restricted the gains. Spot pepper gained by almost 48 rupees to end at 13,351.90 rupees per 100 kg in Kochi. Indian December pepper exports stood at 1,750 tonnes, down 32 percent on year, the Spices Board said. March Pepper gained Rs 42 and settled at Rs 13284/quintal. The contract touched the intraday high of Rs 13349/quintal while low of Rs 13222/quintal.

Now support for the pepper is seen at 13221 and below could see a test of 13158. Resistance is now likely to be seen at 13348, a move above could see prices testing 13412.

Trading Ideas:

Pepper trading range is 13158-13412.

Guar ended weak on Saturday on liquidation of long positions on weak cues from spot. In NCDEX-accredited warehouses, stock of guar stood at 32,488 tonnes as on 19. Feb. In the Jodhpur spot market, guar price dipped over 23 rupees to end at 2,392.45 rupees per 100 kg. Guar yesterday we have seen that market has moved -2.73%.

Market has opened at 2401 & made a low of 2335 versus the day high of 2417. The total volume for the day was at 242650 lots and the open interest was at 212690. Now support for the guar is seen at 2313 and below could see a test of 2283. Resistance is now likely to be seen at 2395, a move above could see prices testing 2447.

Nickel yesterday traded with the positive node and settled 0.62% up at 951.1. Some support had been seen from the LME stock also which came down by 276mt, the total stock at LME is now at 163542mt. In yesterday's trading session nickel has touched the low of 947 after opening at 947, and finally settled at 951.1.

For today's session market is looking to take support at 948.1, a break below could see a test of 945 and where as resistance is now likely to be seen at 953.1, a move above could see prices testing 955. Spread between nickel FEB & MAR contacts yesterday ended at 1.80, we have seen yesterday that the nickel market had traded with a positive node and settled 0.62% up. Spread yesterday traded in the range of 1.80 - 6.9.

Trading Ideas:

The global zinc surplus rose to 445,000 tonnes in 2009, the largest surplus since 1993, according to the latest figures from the International Lead and Zinc Study Group (ILZSG). The market surplus more than doubled from 219,000 tonnes in 2008, the ILZSG said. Zinc yesterday we have seen that market has moved 0.28%.

Market has opened at 107.6 & made a low of 107.6 versus the day high of 108.25. The total volume for the day was at 469 lots and the open interest was at 3367. Now support for the zinc is seen at 107.8 and below could see a test of 107.4. Resistance is now likely to be seen at 108.4, a move above could see prices testing 108.7.

Trading Ideas:

Copper settled positive after the Fed's surprise discount rate hike announcement late Thursday. Participants' concerns about the potential bearish impact of the move on copper eased throughout the day, and the metal also got a boost as the euro gained against the dollar amid the return to an appetite for perceived riskier assets. Inventories of copper stored in LME-monitored warehouses fell 300 metric tons Friday, leaving them at 554,775.