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Pepper June delivery dropped Rs 201 and settled at Rs 30177/quintal on profit booking at the weekend though the tight supply situation in spot market checked the downfall. Supplies have been weak in the spot market because of almost stagnant production since last three-four years. Farmers have held back their produce on hopes of better prices. A restricted supply position is likely to keep pepper prices firm.

Domestic pepper production this year is expected to be down because of unseasonal rain during October-December that affected the yield of pepper vines. Pepper arrivals in Kochi Mandi increased to 340 quintals as on 13th May 2011 from 230 quintals, meanwhile offtakes also jumped to 310 quintals from 200 quintals. Spot pepper dropped -255.2 rupees to 29373.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 30383/quintal while low of Rs 29711/quintal. Now support for the pepper is seen at 29798 and below could see a test of 29418. Resistance is now likely to be seen at 30470, a move above could see prices testing 30762.

Trading Ideas:

Pepper trading range is 29418-30762.

Pepper dropped on profit booking though the tight supply situation in spot market checked the downfall

Pepper looks to test support at 29798 and resistance is seen at 30470.

NCDEX accredited warehouses pepper stocks rose by 5 tonnes to 3216 tonnes.

Spot pepper dropped -255.2 rupees to 29373.35 rupees per 100 kg in Kochi market.

Menthaoil May contract dropped Rs 12.9 and settled at Rs 923.2 due to weak spot market. The total arrivals of mentha oil in all the major mandies were reported steady at around 200 drums over. On May 12th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 50,016 kg of which 24,467 kg is physical stock and 25,549 is the demat stock.

At Barabanki, the total stock was 1,61,957 kg of which, physical stock accounted for 45,403 and demat stock was 1,16,554 kg. The contract made intraday low of Rs 921.5 a kg and high of Rs 953.9 a kg with the volume of 237 and total open interest for the same contact was at 436.Now support for the menthol is seen at 911.8 and below could see a test of 900.5. Resistance is now likely to be seen at 944.2, a move above could see prices testing 965.3.

Trading Ideas:

Menthaoil trading range is 900.5-965.

Menthaoil spot is at 1025/-.Spot market is down by Rs.10/-.

Menthaoil dropped due to weak spot market

Menthaoil looks to take support at 911.80 and resistance at 944.20.

On May 12th, total stock of mentha oil at MCX warehouses at Chandausi was 50,016 kg

Soyabean yesterday we have seen that market has moved -0.4% getting pressure from slumping demand, with slower exports and a drop in domestic use adding to defensive tone. The Brazil soybean crop is projected at 72.5 million tons, down 0.5 million from the projected record 2010/11 crop. A 3 percent increase in harvested area is more than offset by a return to trend yields. China soybean production is projected at 14.8 million tons, down 0.4 million from 2010/11 due to lower area and yields.

At the Indore spot market in top producer MP, soybean gained 4 Rs to 2341Re 100 kgs. Market has opened at 2384 & made a low of 2370 versus the day high of 2398. The total volume for the day was at 28340 lots and the open interest was at 165890.Support for soyabean is at 2371 below that could see a test of 2357. Resistance is now seen at 2399 above that could see a resistance of 2413.

Trading Ideas:

Soyabean trading range is 2357-2413.

Soyabean ended down getting pressure from slumping demand

Soyabean is taking resistance at 2399 and support is seen at 2371.

China soybean production is projected at 14.8 million tons, down 0.4 million from 2010/11

At the Indore spot market in top producer MP, soybean gained 4 Rs to 2341Re 100 kgs.

Chana dropped Rs 8 and settled at Rs 2456 per quintal due to profit booking however declining arrivals in spot markets limited the downside. Peak arrival period in chana is almost over and now we expect chana prices to move up as demand is also likely to pick up in the near future. Production of chana, or chickpea, in the current season is likely to fall to 7.37 million tonnes from 7.48 million tonnes a year ago.

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