Wednesday, November 23, 2011

NCDEX Agri Commodity Market News and Tips Today

Pepper futures may trade sideways on selling pressure despite good buying support from exporters. Pepper prices Outlook for the day is negative. We expect prices to test the support of Rs 34200-34000 and resistance being Rs 35200-35400 for the December contract. Turmeric futures may remain below 4,900 levels. Cardamom futures may trade in red owing to on-going harvesting season. Cardamom prices traded on negative note tracking weak cues from the spot markets. Guar complex may trade sideways & gains may remain capped.

Pepper futures expected to open lower on Wednesday on poor demand from the overseas markets. In NCDEX pepper December contract ended 0.65 % down at 34,520 rupees per quintal against the previous session. Fall in global market rates in Vietnam due to anticipated higher stock availability had created a bearish impact in Indian markets also.