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Wednesday, February 24th, 2010
Commodity Market Commentary & News
Grains and Oils
India March NCDEX soyoil futures provisionally end down 0.9% at INR460.40/10 kg, off intraday high of
INR466.70 on concerns government may take measures to control food inflation; steps may include reducing
import tax on refined edible oil, lowering state taxes on farm commodities; current import tax on refined edible
oil at 7.5%. Soybean ends down 0.4% at INR2,115/100 kg; trader adds, BMD, CBOT markets steady today,
denying fresh cues. We expect soybean in INR2,080‐INR2,140 range, soyoil in INR456‐INR464 band tomorrow.
India March NCDEX pepper futures provisionally settle down 3.3% at contract low of INR12,614/100 kg as new
crop arrivals pick up; earlier hit 3% initial lower limit. There are no domestic buyers as they expect prices to fall
as fresh crops hit the market; spot prices down 0.8%; trader adds, breach of key INR12,800 level triggered fresh
sell‐off. Expect contract to test INR12,350 support tomorrow.
Crude palm oil futures on Malaysia's derivatives exchange ended mostly higher Tuesday, as a continuing El Nino
climate event may sap yields and cut output with production already seasonally low. The benchmark May CPO
contract on the Bursa Malaysia Derivatives rose as much as 1.2% to a fresh six‐week high at MYR2,662 a metric
ton on short covering and speculative buying, before ending MYR4 higher at MYR2,635/ton.
Commodity in Focus (Daily)
Pepper Mar (Pre. Close 12614)
Sell SL Target
12700 12850 12450
Pepper Mar Contract Weekly Chart is forming a Bearish
Chart Double Top Formation.
We suggest to Sell Pepper March Contract Rs.12700 with
stoploss of Rs.12850 for the target of Rs.12450.
Trading Level (INR)
Commodity Resistance Pre.Close Support Reccomendations
NCDEX Commodities
Pepper 13349‐13196‐12906 12616 12463‐12310‐12020 Sell
Jeera 11725‐11670‐11590 11511 11455‐11400‐11320 Sell
TMC 7653‐7589‐7533 7477 7413‐7349‐7293 ‐
Guarseed 2385‐2350‐2295 2240 2205‐2170‐2115 Sell
RM Seed 480‐478‐474 470.55 468‐466‐462 ‐
Soyabean 2161‐2150‐2132 2115 2104‐2093‐2075 ‐
Soyoil 470‐468‐464 460.40 458‐456‐452 ‐
Channa 2218‐2190‐2154 2118 2090‐2062‐2026 Sell
MCX Commodities
MenthaOil 590‐587‐585 582.20 579‐576‐573 ‐
CPO 369‐368‐367 365.80 365‐364‐362 ‐
Wheat 1310‐1300‐1294 1289 1279‐1269‐1263 Sell
Cardamom 1247‐1220‐1186 1152 1125‐1098‐1064 Sell
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