Buy NCDEX Chilli Apr Fut above Rs 6930: Mangal Keshav
Mangel Keshav has come out with its report on spices. According to the research firm, one can buy NCDEX Chilli April Future above Rs 6930 with stoploss Rs 6890 for the target of Rs 6980-7040.
March 15, 2013 / 11:56 IST
Mangel Keshav has come out with its report on spices. According to the research firm, one can buy NCDEX Chilli April Future above Rs 6930 with stoploss Rs 6890 for the target of Rs 6980-7040.
Arrivals of chilli crop were steady above 50,000 bags; however off-take has declined on dull demand at auctions held at Guntur market. Spot rates were down by Rs80-Rs100 per quintal while futures too were down by 1.5-2percent. Arrivals of jeera crop increased to 38,000 bags while demand was reported steady ~35,000 bags at auctions held at Unjha market. Spot rates are trading firm at Rs133-Rs134 per kg with strong demand seen among exporters & stockist, as per local traders. Spot rates of pepper garbled were steady at Rs366 per kg and that of un-garbled was unchanged at Rs351 per kg. Arrivals stood at 67 tons, but trades decline to 65 tons at auctions held at Kochi market, as per IPSTA. Arrivals of turmeric crop increased to about 15,000 bags at Nizamabad market and ~5,800- 6,000 bags across mandis of Erode. Spot rates traded firmly & were quoted in the range of Rs64- Rs66 per kg across different locations, as per local traders. Average price of small cardamom declined to Rs651 per kg while maximum price offered was down at Rs918 per kg, as per spice board. Total inflow of small cardamom crop increased to 53.9 tons from which ~53 tons were sold at auction held at Nedumkandam. Arrivals of Soybean crop stood steady ~1lakh bags across MP market & about 4,000 bags at mandis of Indore while supply of 0.3lakh bags stood at Maharashtra & about 0.2-0.22lakh bags at Rajasthan, as per trade reports. Spot rates of soya bean crop offered by planters declined to Rs35-Rs35.5 per kg while rates across mandis of Indore were down at Rs34-Rs34.5 per kg.Trade Recommendation:NCDEX Chilli (April): Buy- above Rs 6930, stoploss- Rs 6890, target- Rs 6980-7040.NCDEX Jeera (April): Buy- around Rs 13150, stoploss- Rs 13080, target- Rs 13300-13500. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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