Welspun Corporation Ltd announced that it has pocketed orders worth Rs 700 crore from domestic as well as global markets.

In a declaration, the pipe maker stated that it is expected to implement the new orders of around 1,20,000 tonnes during the existing financial year.

Welspun Chairman and Managing Director B K Goenka stated, ''The customers trust on our engineering excellence shall further strengthen our position in the competitive market space.''

The moment the Pound broke 1.5441 on Monday, this pair has left the "neutral zone" which we said is between 1.5587 & 1.5441. Therefore, it is only logical now to expect the Pound to dive. But after more than 240 pips down from yesterday's top, the short term correction we are seeing now is (As we said yesterday) no surprise, with a condition of staying below 1.5480. The Pound is notorious for breaking, then moving in the other direction, before moving in the right direction smoothly and strongly. And now that we have tested 1.5480, we should wait and see what will the price do with it! Breaking this important level (in case it happens) can change the outlook dramatically! Short term support is at 1.5395, which was tested earlier this morning.

Natural gas fell on signs that the U.S. recovery from the worst recession since the 1930s has slowed as companies cut jobs and manufacturing forecast to expand at the slowest pace in a year. Production increased by 2 billion cubic feet per day in the last week of July and the first ten days of August. Natural Gas yesterday we have seen that market has moved -2.59%. Market has opened at 181.5 & made a low of 175.9 versus the day high of 183. The total volume for the day was at 66531 lots and the open interest was at 25417.Now support for the Natural Gas is seen at 174.7 and below could see a test of 171.7.

Jeera September contract gained Rs 107 and settled at Rs 13536 a kg on bargain buying supported by a decline in daily arrivals and dwindling stocks. In spot, selling pressure has come down after continuous fall in the prices. Estimates of lower crop in Syria and Turkey, the major competitors of India, also supported the upside. In Unjha, a key spot market in Gujarat, jeera dropped -47.65 rupees to end at 13860 rupees per 100 kg. The contract made intraday low of Rs 13370 a kg and high of Rs 13719 a kg. Support for jeera is at 13364 below that could see a test of 13193. Resistance is now seen at 13713 above that could see a resistance of 13891.

Trading Ideas:

Turmeric yesterday we have seen that market has moved -3.99% on sluggish demand from overseas and prospects of higher crop due to increase in acreage as farmers got better price last year. Activities are sluggish in spot as traders are expecting bumper crop which may pull the prices down. Market has opened at 13080 & made a low of 12562 versus the day high of 13132. The total volume for the day was at 5110 lots and the open interest was at 7530.Support for turmeric is at 12372 below that could see a test of 12182. Resistance is now seen at 12942 above that could see a resistance of 13322.

Trading Ideas:

Turmeric trading range is 12193-13333.

Chana settled steady at Rs 2232 per quintal on some value buying but mounting stocks and hopes of good sowing of chana in the upcoming season due to sufficient moisture in the soil weighed. Demand in physical market has come down. Fresh arrivals of moong have gradually started picking up in the spot markets of Karnataka, Andhra Pradesh, Maharashtra and Madhya Pradesh. In Delhi spot market, chana fell down by -8 rupee to end at 2269.5 rupee per 100 kgs. The volume was noted at 93650 lots. Support for chana is at 2220 below that could see a test of 2209. Resistance is now seen at 2249 above that could see a resistance of 2267.

Trading Ideas:

Soyabean yesterday we have seen that market has moved 0.12% on anticipation of higher meal exports in coming months. A rise in arrival of soybean in spot markets weighed on sentiment. At the Indore spot market in top producer Madhya Pradesh, soybean dropped -1 rupee to 2004 rupee 100 kgs. Market has opened at 2028 & made a low of 2012 versus the day high of 2040. The total volume for the day was at 55810 lots and the open interest was at 102090.Support for soyabean is at 2017 below that could see a test of 2001. Resistance is now seen at 2045 above that could see a resistance of 2057.

Trading Ideas:

Soyabean trading range is 2001-2057.

Mentha oil September contract gained Rs 3.6 and settled at Rs 777.6 a kg driven by pick up in domestic and export demand. Restricted arrivals from Chandausi in Uttar Pradesh also influenced the trading sentiment to some extent. The contract made intraday low of Rs 770 a kg and high of Rs 782.8 a kg with the volume of 4523 and total open interest for the same contact was at 6764.Now support for the menthol is seen at 770.8 and below could see a test of 764. Resistance is now likely to be seen at 783.6, a move above could see prices testing 789.6.

Trading Ideas:

Mentha Oil trading range is 764.5-790.

Pepper September delivery dropped Rs 111 and settled at Rs 19785/quintal  on weakening export demand, as Indian produce is quoted higher than other origins though a squeeze in supplies restricted the downside. Absence of export inquiries are putting pressure on the prices but demand may improve in the coming days ahead of festivals. Spot pepper dropped -322.3 rupees to 19847.05 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20025/quintal while low of Rs 19612/quintal. Now support for the pepper is seen at 19590 and below could see a test of 19394. Resistance is now likely to be seen at 20003, a move above could see prices testing 20220.

Guar yesterday we have seen that market has moved 2.28% on bargain hunting supported by some inquiries from exporters amid poor supplies. A severe drought had pulled down guar seed output in Rajasthan by over 80 percent last year, resulting in supply shortage. Prices are unlikely to sustain at higher levels for long time because of estimates of higher production. In Jodhpur guar prices gained 78.35 rupees to 2061.45 rupees per 100 kg. Market has opened at 2008 & made a low of 2000 versus the day high of 2095. The total volume for the day was at 353720 lots and the open interest was at 132160.Now support for the guar is seen at 2013 and below could see a test of 1959.

Australia's second-largest nickel miner, Minara Resources said it aims to conduct and complete plant maintenance shut down in October and kept its 2010 production guidance unchanged. Minara still hopes to yield in the lower range of between 30,000 and 34,000 tonnes of nickel from its Murrin Murrin joint venture in west Australia, where January-June output was reduced because of a pipeline breakdown in May.

Mitsui Mining & Smelting Co. said it raised its zinc selling price by Y5,000 to Y215,000 a metric ton. Zinc yesterday we have seen that market has moved 2.94%. Market has opened at 97.5 & made a low of 97.5 versus the day high of 101.2. The total volume for the day was at 29014 lots and the open interest was at 4294.Now support for the zinc is seen at 98.1 and below could see a test of 96. Resistance is now likely to be seen at 101.8, a move above could see prices testing 103.4.

Trading Ideas:

Zinc trading range is 96-103.4.

Mitsui Mining & Smelting raises zinc price to Y215,000/ton

Copper settle higher propelled by robust manufacturing data in the United States and China, soaring shares and a weak dollar. Copper inventories stored in LME-monitored warehouses rose by 250 metric tons, to 398,775. LME stockpiles fell by 3.6% in August, and are down more than 20% so far this year. A supply deficit in copper in 2011 forecasted, as production isn't seen rising to meet growing demand. Copper has touched a low of Rs 350 a kg after opening at Rs 350, and last traded at Rs357.75.For today market is looking for the support at 352.2, a break below could see a test of 346.7 and where as resistance is now likely to be seen at 361.1, a move above could see prices testing 364.5.

Crude oil rose rebounding after two straight lower settlements as strong manufacturing data from China and the United States revived risk appetite and countered recent concern about tepid oil demand. The encouraging economic data and weaker dollar helped offset the government's weekly inventory report that showed U.S. crude oil stocks rose more than expected last week. U.S. Energy Information Administration data showed crude oil stockpiles rose 3.43 million barrels last week. Now support for the crude is seen at 3425 and below could see a test of 3361. Resistance is now likely to be seen at 3526, a move above could see prices testing 3563.

Trading Ideas:

Silver yesterday ended lower tracking weak gold prices on profit booking. Earlier in the day silver prices rallied to hit fresh all-time highs on hectic buying by stockists and speculators driven by strong trend in overseas markets. Silver opened the day at 30880 trading up to its high of 30998 shortly after as base metals and crude made gains. Even as crude and base metals continued their strong gains, silver tracked gold and began profit taking reaching its intraday low of 30651 where it settled into range trading to quietly close at 30748.Now support for the silver is seen at 30600 and below could see a test of 30452.

Gold finished lower as stronger-than-anticipated manufacturing data dulled some of the safe-haven shine that had earlier sent the metal to highs. Meanwhile, the International Monetary Fund said it sold about 16.8 metric tons of gold in July, as its policy of gradually releasing gold onto the market continued. Gold opened up at 19107 reaching its high of 19158 quickly afterwards. Strong manufacturing numbers in both China and the U.S. resulted in large gains in equities. Profit taking in the metals ensued taking gold to its low of 18955. Quiet range trading for the remainder of the session saw gold close at 19000.Now support for the gold MCX is seen at 18917 and below could see a test of 18835.

Natural gas tumbled amid ample stockpiles and reduced likelihood that a hurricane will curtail production in the Gulf of Mexico. Gas stockpile levels rose by 40 billion cubic feet in the week ended Aug. 20 to 3.052 trillion cubic feet, the Energy Department said last week. Inventories at the end of October will climb to 3.752 trillion cubic feet, according to the agency. Natural Gas yesterday we have seen that market has moved -0.49%. Market has opened at 182.3 & made a low of 177.3 versus the day high of 184.4.

Jeera September contract gained Rs 33 and settled at Rs 13440 a kg on bargain buying, supported by lower arrivals and diminishing stocks. In India, jeera is cultivated during winter from October to December, and harvested during February-April. In Unjha, a key spot market in Gujarat, jeera dropped -9.5 rupees to end at 13907.65 rupees per 100 kg. The contract made intraday low of Rs 13305 a kg and high of Rs 13545 a kg. Support for jeera is at 13315 below that could see a test of 13190. Resistance is now seen at 13555 above that could see a resistance of 13670.

Trading Ideas:

Jeera trading range is 13186-13666.

Turmeric yesterday we have seen that market has moved -0.5% on weak overseas demand and prospects of better crop with an increase in acreage in the country and favourable weather raising hopes of better yields. Weather is favourable for the growth of the crop. We are expecting bumper crop. In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 13979.95 rupees dropped by -36.85 rupees. Market has opened at 13160 & made a low of 13040 versus the day high of 13180. The total volume for the day was at 2055 lots and the open interest was at 7575.Support for turmeric is at 13024 below that could see a test of 12962.

Chana dropped Rs 5 and settled at Rs 2237 per quintal as ample stocks, higher acreage under kharif pulses and fresh arrival of moong from new crop weighed on sentiment. As on Aug. 26, area under kharif pulses stood at 10.9 million hectares, compared to 8.9 million hectares a year ago. In Delhi spot market, chana jump up by 1.05 rupee to end at 2277.5 rupee per 100 kgs. The volume was noted at 112780 lots. Support for chana is at 2226 below that could see a test of 2214. Resistance is now seen at 2250 above that could see a resistance of 2262.

Trading Ideas:

Chana trading range is 2214-2262.