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| You are here : Home >> Technical Analysis >> Report | |
| Jeera sell at 13600-13630 | |
| 24 July 2008 16:49:41 | |
| Jeera futures in NCDEX ended on a negative note as traders booked profits due to parliamentary panel’s suggestion of curbs on futures trading in agriculture commodities and on higher arrivals in the physical market. Farmers were offloading more stocks as they are getting better price for their produce. Arrivals in the physical market were about 7,000-8,000 bags of 70 kg each from about 5,000-6,000 bags last week. The benchmark September contract has risen about 60 percent since April 1. India, the world's largest jeera producer and exporter, exported about 6,500 tonnes in April-May; compared with 2,180 tonnes a year ago. The reduction in Chinese production has given more opportunities to Indian exporters. Exporters want to purchase at lower level as presently rates are a bit high. Spot jeera fell 0.4 percent to 12,987 rupees per 100 kg in Unjha, a major trading hub in Gujarat. Influencing Factors: Jeera Panic selling on due to parliamentary panel suggested curbs on futures trading in agriculture commodities Weakness in spot market and higher arrivals Profit booking seen in higher levels, Stockiest selling Fundamentals are still strong due to strong export demand and hopes of lower crop output in Syria and Turkey. Export demand from Middle east and European countries Expectation of lower crop in Syria and Turkey The Jeera output of Syria is expected to fall by 20% Output estimated at 18-20 lakh bags compared to 15 lakh bags in last year Exports of Jeera rose 8 percent to 28,000 tonnes during 2007/08. Technical Outlook Technically Jeera September closed above 9 day EMA and above 21 day EMA. Today’s Recommendation NCDEX Jeera September sell 13600-13630, SL above 13700 targets 13540, 13470, 13409 |
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