MTECHTIPS COMMODITY MARKET NEWS 3

MTECHTIPS:-NCDEX Jeera may turn bearish only below 13300,resistance at 13700

Jeera (Cumin Seed) futures on India's National Commodity Exchange (NCDEX) has been negative on improved supply. Higher production estimates directly caused for negative jeera trend.Jeera prices may show volatility if crop gets damaged due to recent rain fall in north west India.Jeera futures for March delivery may turn bearish only below 13300 level and short covering is expected during intra-day trade,Resistance is there at 13700 level, he noted.Intra-day buyers are advised to buy above 13700 with the stop loss of 13500 for target of 13950. Meanwhile, sellers are advised to take position below 13300 with the stop loss of 13500 for the target 13000, added Milan.

MTECHTIPS:-NCDEX Sugar: Short term bearish; support at 3070

Overall trend of sugar on the NCDEX for March delivery is looking bearish at current level and some short covering is expected for the commodity. It is expected that the commodity will be bearish for short term.The contract is trading on a positive note at Rs.3127, a gain of 0.69% as of 11.21 AM IST, on Wednesday.On India's NCDEX, support for sugar is seen at 3070 level while 3190 is the resistance . The commodity is expected to be bearish for short term and sell on rise is advised, said Milan Sha.The over all trend for sugar for March delivery is looking bearish. at current levels some short covering is expected for the commodity, he added.Higher supplies and weak demand are pressurizing the prices in the domestic market. Out of the estimated 24 mn tn sugar output for the season 2012-13, India has already produced 13.7 mn tn in the first four months of the season, up by 3 percent compared to the previous year.

MTECHTIPS:-NCDEX Chilli sideways; support at 6700 while 7180 is resistance

NCDEX Chilli futures for March delivery is sideways as a result of rise in supply followed by the arrival of fresh crop in spot market.Demand from chilli stockists remained higher and this limited the downward movement of chilli.Lower production estimates may limit the downside movement of chilli prices.Over all trend for March contract is looking sideways at current levels. Support is there at 6700 while 7180 is the resistance.For near term, trading below the 6700 level may take futures to 6400 and above 7180 may help to reach 7430 level, he added.NCDEX chilli futures was down by 2.3 percent at Rs.6880 per 100 kg for March delivery as of 01.04 PM IST on Wednesday.Improved demand from oleoresin industry may support chilli prices.

MTECHTIPS:-NCDEX Turmeric: Trend bullish; may witness new bull run above 6450
On the NCDEX ,overall trend of turmeric for April delivery is looking bullish. Low production estimates and improved demand for the commodity is keeping the

commodity bullish.Turmeric April contract is trading on a positive note at Rs.6404, a gain of 1.94 % as of 03.15 PM IST, Wednesday.Support for turmeric is seen at 5940 level and resistance is at 6450 level. If the commodity trades above 6450 level then it may witness new bull run,.The overall trend for turmeric for April delivery is looking bullish, he added.Low rainfall in the Southern states of India, especially Andhra Pradesh, Karnataka and Tamil Nadu are likely to keep turmeric production lower by 3040% this year.Turmeric production in 2012-13 is expected around 55 lakh bags. Production in 2011-12 is projected at historical high of 10.62 lakh tn.

MTECHTIPS:-India Soymeal exports surge 40% in Jan, fall 18% in AprilJan 2012-13: SEA
Indias soymeal exports in 2012-13 April to January has fallen by 18% to 3,678,861 tons compared to 4,485,197 tons during the same period last year due to reduced demand from overseas market, according to Solvent Extractors Association of India.On the other hand, soymeal exports in January was up 40% to 767,646 tons compared to 549,716 tons in January 2012, SEA added.