Daily Agro and Bullion Round up by Mr. Tarun Satsangi, Assistant Vice President, Bonanza Commodity Broker Pvt Limited

Jeera: - Jeera prices are trading steady with weak tone. Fresh arrival pressure is pressurizing the prices in short term. As Jeera arrivals start from the month of February and runs till April. Stockiest are buying aggressively in anticipation of rise in Jeera prices as Jeera production for the year 2009 is estimated to be down. Prices look to sell around 11700 with stop loss above 11850 target- 11500-11350.

Black Pepper: - Pepper prices are trading with weak tone as concern over demand shifting to Vietnam has hurt the prices. Vietnam parity is cheaper than Indian parity thus attracting buyers. Sluggish domestic and export demand is expected to hurt sentiments in short term. Prices look to sell around 10900-11000 with stop loss above 11300 target- 10500-10350.

Guar Seed: - Higher arrivals of around 10,000 bags in the spot market are pressurizing the prices. Stockiest are also releasing their stocks in anticipation of further fall in prices. Export demand for Guar gum is also nil that is also hurting the guar seed sentiments. Prices look to sell at current ranges of 1560 with stop loss above 1592 target- 1500.

Gold: - Continue declining Asian as well as European market supported yellow metal. Rate cut by Bank of England and European Central Bank by 50bp each further supported the Gold rally during yesterday's trading session. Dire economic situation and prevailed uncertainty in global equity market is likely to support Gold prices in short term. Immediate support is seen at $920 and resistance at $946. In Indian market, immediate support is seen at Rs. 15330 and resistance is at Rs. 15790.

Crude Oil: - Crude Oil prices are trading with firm tone as lower inventory level has supported the prices. Talk of further output cut by OPEC during a meet in Vienna scheduled on 15th March is likely to support the crude oil prices. As per EIA report, Crude oil supply in US has declined 757,000 barrel to 350.6 million barrel in last weak. Prices are consolidating in a range of $40-$45 and break of either of the direction will confirm the trend in short term. In MCX counters, look to buy around 2250 with stop loss below 2200 target- 2290-2340.

Copper: - Copper prices are trading with firm sentiments as declining stocks at LME counter supported the prices. China's copper consumption is expected to rise in 2009 and a strong factor to support copper prices in days to come. In MCX futures counter, for the intraday, Prices are expected to trade in a range of Rs. 188-194. Immediate resistance is seen at Rs. 194 and support is at Rs. 188.

Source : Equity Bulls

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