Spices:
Pepper futures may trade sideways holding above 34,500 levels tracking limited activities at the spot market. Spot prices remained unchanged at Rs 33,500 (ungarbled) and Rs 35,000 (MG 1) a quintal.
Turmeric futures may trade with a negative bias owing to weakness in spot markets. For the past 15 days, arrival of turmeric is on the rise and due to quality and lack of orders, bulk buyers have been quoting a lower price.
Chilli futures may hold above 5,800 levels as there is demand for new red chilli from Malaysia and Pakistan.
Oilseeds:
CPO futures may trade with a bearish bias tracking weakness in Malaysian prices.
Crude palm oil futures on Malaysia`s derivatives exchange ended 2.8% lower at MYR2,998. Export demand estimates by cargo surveyor Intertek Agri Services over the weekend confirmed demand weakness, with Dec. 1-10 shipments down 5.1% from the previous month in November at 443,699 tons. The government-backed Malaysian Palm Oil Board is scheduled to issue November production and stock data today.
Soybean futures may trade sideways tracking mixed sentiments prevailing in the market. Rupee weakening against USD to all time low, may boost the exports, while on the other hand weakness in CBOT may cap the gains. US soybean futures end higher on short covering and shunning the bearish influence of external financial markets, as bargain hunting emerges after prices dipped to new 14-month lows. CBOT Jan soy ended up 5c at USD 11.12/bushel, well off the session low of USD 10.95.
Refined soy oil futures (Jan) may remain below 660 levels. Weak foreign markets and sluggish local demand also dragged soya oil in the physical market. Soya refined declined to Rs 610-612.
Other Agri Commodities :
Wheat futures may find some support at lower levels on reports that the Wheat sowing area is down at 20.96 million hectares as on Dec.10, 2011 compared to the last year`s covered area 21.13 million hectares. Wheat area is declining as the farmers interest are shifting towards Mustard, Paddy, Cumin, Castor and Groundnut in various states like Rajasthan, Gujarat and some pockets of Uttar Pradesh.
Sugar futures (Jan) may trade sideways holding support above 2,870 levels. At the spot market, bulk buyers are avoiding buying as they think that current month`s 17-lakh-ton free-sale quota is sufficient to meet local demand. Prices in other producing States were on par with those of Maharashtra, keeping buyers from other States away.
Guar complex may witness some profit booking from its life time high`s made yesterday. Special Margin of 10% inclusive of Special Cash Margin of 5% imposed on the Long side on all running contracts of Guar seed and Guar gum with effect from today.
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