By Sreekumar Raghavan
Ref Soyoil ?at National Commodity and Derivatives Exchange (NCDEX) gained on news reports that Government is contemplating increase in import duty on edible oils to promote domestic crushing and protect the interest of growers.
Ref soyoil January contract nearing expirty rose 1.9% to Rs 744.5 while the most active February contract rose 1.09% to Rs 717.9 per 10 kg. On daily charts, the RSI of 62.50 is bullish and prices may retest previous high of 751, 760 levels.
Soybean February contract rose 0.56% to Rs 3231 per 100 kg, on daily charts, Soybean is on a recovery phase after falling to a low of 3106 recently. However, the market is expected to trade sideways in the near term.
On the fundamental side, limited supplies and large purchasing of soybeans by China ?from USA is providing firm support to market. Arrivals in the domestic markets? declined to 1.5 lakh bags,? while demand is comparatively lower amid crushing disparity.
According to first advance estimates, Soybean output is pegged at 126.2 lakh tn for 2012-13. Soy meal exports fell by 34% in December to 5.10 lakh tn, according to SOPA.
A quick look at Turmeric, Coriander and Pepper
The Forward Markets Commission (FMC) has directed NCDEX, IPSTA and NMCE not to launch any new contracts in pepper citing the contamination issue in NCDEX accredited warehouse in Kochi. Pepper continues to gain on limited supplies even as estimated higher production is weighing on prices. On daily charts, Pepper appears to be bullish after a recent crossing of 50-day-20day SMA at 34850.5. RSI of 80.71 is extremely bullish and in oversold territory. Resistance levels are at 37875, 38500 levels for the medium term. Currently, Pepper February is trading 0.65% up at Rs 37195 per 100 kg.
Turmeric April hit a high of 6682 per 100 kg, while volumes are low, market is neutral to bullish and sideways trend is expected near term.
Coriander January fell to 6221 and recovered to 6296 per 100 kg while April contract rose to a high of 7238. On daily charts, coriander remains sideways to bullish with good volumes.
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