MTECHTIPS COMMODITY MARKET NEWS 3

MTECHTIPS:-NCDEX Chana looks bearish Fors hort medium term; support at 3320
Overall trend of Chana on the NCDEX for April delivery is looking bearish for short and medium term due to supplies from the new season crop.The contract is trading on a negative note at Rs.3380, a fall of 0.21% as of 1.34 PM IST, Thursday.Over all trend of Chana on the NCDEX for April delivery is looking bearish for short and medium term.Support for the commodity is seen at 3320 level while 3470 is the resistance. Traders are advised to follow sell on rise strategy for the commodity, he added. The Farm ministry has targeted 7.9 million ton chana output for 2012-13 season, higher compared to 7.58 mn tn in 2011-12. But the final output will depend on the weather conditions on major growing regions. Fresh arrivals have started coming from India's Maharashtra and would increase in subsequent days even as supplies from other states would also impact the prices.

MTECHTIPS:-NCDEX Sugar bearish on subdued demand, higher supply

Sugar futures on India's National Commodity and Derivatives Exchange (NCDEX) is bearish on rise in production and supply followed by subdued demand in the domestic market.Sugar for March delivery looks bearish, support is there at 3070 level while 3150 is the resistance.Short covering is expected, and traders are advised to sell on every rise, he added.NCDEX sugar futures for March delivery was down by 0.93 percent at Rs.3101 per 100 kg as of 12.19 PM IST on Thursday.Meanwhile, due to fall in sugar prices, millers are struggling to make cane payments to farmers.Bulk demand for the sweetener from ice cream makers and soft drink industry has fallen due to ongoing winter season.Higher supply and subdued demand are pressurizing the sugar prices in the Indian market. Out of the estimated 24 mn tons sugar production for the season 2012-13, India has already produced 13.7 mn tons in the first four months of the season, up by 3 percent when compared to the last year. Despite record production, India has contracted to import 920,000 tons of raw sugar since the season began in October.Global sugar production is expected to be around 172.3 mn tons in 2012-13, according to the data released by the United States Department of Agriculture (USDA).

MTECHTIPS:-NCDEX Soybean: Bullish until commodity breaks and sustains below 3150
Soybean on the NCDEX for March delivery is looking bullish at current levels until it breaks and sustains below 3150 level in near term. The contract is trading on a positive

note at Rs.3273, a gain of 0.4% as of 12.05 PM IST, Thursday.Over all trend of soybean on the NCDEX for March delivery is looking bullish at current levels until it breaks and sustains below 3150 level in near term, Analyst at.Good support is seen for the commodity at 3150 level while resistance is seen at 3340. Some profit booking is expected for the commodity at current levels, he added. Due to higher acreage, Indias soya bean production may increase this year. India is one of the top five soybean producers in the world. The country has increased the area under soybean from 9.33 million hectares in 2011-12 to 10.26 million hectares, at present.

MTECHTIPS:-NCDEX Jeera: Trend bearish; support at 13300

On the NCDEX, overall trend of jeera for March delivery is looking bearish. Higher supplies and lack of demand are impacting the price of the commodity. At current levels some short covering is expected for the .The contract is trading on a positive note at Rs. 13530 a gain of 0.32% as of 10.49AM IST, Thursday.Over all trend for jeera on the NCDEX for March delivery is looking bearish, but some short covering is expected for the commodity at current levels.Traders should sell the commodity only below 13300 which is a strong support for the prices. Resistance is seen at 13780 level, he added .It is expected that the demand for jeera will pick up from mid-February onwards, this will support the prices. Good sowing is reported from Gujarat and Rajasthan of India.

MTECHTIPS:-Natural Rubber: Sentiments to remain subdued in 2013 on rise in production

Natural Rubber market sentiments may remain subdued in 2013 due to higher production and lower consumption estimates released so far. In India, rubber spot prices have fallen from a high of Rs 16300 per 100 kg and futures prices have fallen from Rs 17000 to Rs 15800 levels in the first two months of 2012 till date.Among the factors that caused the recent fall in prices include the lower India GDP growth, fall in production in automobile industry demand to make tyres and rise in production in the past few months.At National Multi Commodity Exchange, Rubber for February delivery seems to be on a moderate recovery phase and support is now seen at 157.25, 155.42 levels,Domestic production of NR during April-December 2012 is estimated provisionally as 693200 tonnes. Consumption during this period was 742,330 tonnes with a growth of 3.2 over the corresponding period in the previous year. However consumption of NR during November and December declined by 4% and 8% respectively, according to Sheela Thomas, Chairman, India Rubber Board. She said that rubber prices may remain volatile in 2013 considering the global market scenario with respect to production, macro-economics and currency movements.