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Crude oil once again dropped by -1.36% to settled at 4861 as data indicated that US supplies advanced more than expected and weaker than forecast US economic numbers. Crude prices fell from their highs on US supply data stating crude oil inventories climbed by 4.2mbls in the week ended Jan 27, beating expectations for a 3.0mbl increase. Total crude oil inventories stood at 338.9mbls as of last week, booking the highest level since the week ended Nov 4.

Adding to the bearish oil environment, the ISM’s US mfg index climbed to 54.1 in January from 53.1 in Dec. 50 is the dividing line between economic growth and contraction. Payroll processing firm, ADP reported that non farm private payrolls climbed to a seasonally adjusted 170k in Jan, missing expectations for an increase of 190k. Strong mfg data from the euro zone and China worked to support oil prices earlier in the session. Oil traders continue to watch Iranian and Sudanese tensions very closely due to supply disruption concerns.

Reports of decline in Pulses production especially Tur from states like AP, Maharashtra and Karnataka due to reported lower rainfall activities there, could support Chana rates in medium term but short term trend looks weak. As per IPGA latest reports, Pulses production during current fiscal is expected to fall by 5-7% from 18.3 million tonnes in 2010-11 due to inadequate rains in some growing areas.

The total daily arrivals of chana were hovering at the levels of around 100000 bags in the entire major mandies. In Delhi spot market, chana jump up by 84.4 rupee to end at 3300 rupee per 100 kgs. The volume was noted at 85250 lots. Support for chana is at 3192 below that could see a test of 3150. Resistance is now seen at 3270 above that could see a resistance of 3306.

Trading Ideas:

Chana trading range is 3150-3306.

Chana rose on buying by local traders, who expect lower harvest in the current season

The government data shows chana harvest could fall in Maharashtra, Karnataka and Rajasthan

NCDEX accredited warehouses chana stocks dropped by -2284 tonnes to 23496 tonnes.

In Delhi spot market, chana jump up by 84.4 rupee to end at 3300 rupee per 100 kgs. 

Turmeric yesterday we have seen that market has moved 1.51% as overseas demand for the new season crop outweighed fresh supplies and estimates of higher output. Buying is good from the overseas and local buyers. Fresh supplies have started coming in spot but it is not weighing on sentiment because of high moisture content. Supplies from the new season crop have started coming in the spot market in small quantities and are likely to improve in coming days.

Turmeric cultivation in India usually starts by the end of May and continues until August and a lengthy harvesting season begins in January. Higher production prospects and better stocks could however keep pressure on the market sentiments as markets trade with high volatility. Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.

In Nizamabad, a major spot market in AP, the price ended at 4733.35 rupees gained by 25.9 rupees. Market has opened at 4638 & made a low of 4610 versus the day high of 4736. The total volume for the day was at 5390 lots and the open interest was at 10525.Support for turmeric is at 4625 below that could see a test of 4555. Resistance is now seen at 4751 above that could see a resistance of 4807.

Trading Ideas share tips expert :

Turmeric trading range is 4555-4807.

Turmeric rose as overseas demand for new season crop outweighed fresh supplies

Fresh supplies have started coming in spot but it is not weighing on sentiment because of high moisture content

Supplies from the new season crop have started coming in the spot market in small quantities

In Nizamabad, a major spot market in AP, the price ended at 4733.35 rupees gained by 25.9 rupees. 

Jeera February contract dropped Rs 305 and settled at Rs 14440 per quintal due to expectations of higher production in 2012 on a rise in area under cultivation top producer Gujarat state. Production is expected to increase by 15-20 percent this year due to higher area and good weather. Traders expect fresh supplies from the new season crop to further weigh on prices. Jeera is cultivated during winter from October to December and harvesting starts from February. Latest sowing data from Gujarat indicates as on 27th Dec, sowing completed in ~2.82 lakh ha vs 2.38 lakh ha last year.

As per Rajasthan Agricultural Minis-try, the sowing area till 20th Dec had been reported at 3.03 lakh ha vs 3.30 lakh ha same period last year. Productivity of crops in both states however expected to fall due to adverse weather conditions as per reports. The better crop expectations from Gujarat and Rajasthan could be hampered by reports of adverse weather conditions in growing areas that could affect the productivity to some extent as per traders. The total arrivals of jeera jumped to Rs 5,000 bags from 4,000 bags on Tuesday.

In Unjha, a key spot market in Gujarat, jeera dropped -64.7 rupees to end at 15300 rupees per 100 kg. The contract made intraday low of Rs 14390 a kg and high of Rs 14865 a kg. Support for jeera is at 14265 below that could see a test of 14090. Resistance is now seen at 14740 above that could see a resistance of 15040.

Trading Ideas by stock tips expert :

Jeera trading range is 14090-15040.

Jeera ended down due to expectations of higher production in 2012 on a rise in area under cultivation

Production is expected to increase by 15-20 percent this year due to higher area and good weather

NCDEX accredited warehouses jeera stocks gained by 46 tonnes to 7378 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -64.7 rupees to end at 15300 rupees per 100 kg. 

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