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Fresh selling seen in NCDEX Jeera; Support seen at 21430
Commodity Online | December 07 2017
UPDATED 11:15:22 IST

Zinc market under long liquidation; Support seen at 192.1

Copper market under long liquidation; Support seen at 450.5

MCX Nickel under fresh selling; Support seen at 911.1

MCX Aluminium may trade between 147.4-152 levels

MCX Menthol Oil under fresh selling; Resistance seen at 1723.4

Technically NCDEX Jeera is under fresh selling as market has witnessed gain in open interest by 21.58% to settled at 5325 while prices down -110 rupees.

Now Jeera is getting support at 21430 and below same could see a test of 21205 level, And resistance is now likely to be seen at 21925, a move above could see prices testing 22195.

Jeera on NCDEX settled down by -0.51% at 21655 tracking weakness in spot demand on profit booking after prices gained amid restricted offerings due to paucity of stocks with trades as well as with farmers due to weak 2016-17 output.

Reports of higher exports during the first 6 months of this fiscal aided the sentiment. There are reports that after China gulf countries too have shifted to India for their requirement of the spices too pushed the prices.

Jeera arrivals in Unjha markets are reported around 3,500 bags and nearly 5,500 bags were traded at Rs 3,600-4,000 per 20 kg. Jeera acreage in Gujarat-the largest producer-rose to 269,800 hectare until Dec 4 up from 180,300 a year ago as farmer got very attractive prices.

India's 2016-17 cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower.

Apprehensions of drop in supplies in the days may support prices to trade higher. India jeera is stated to cheaper as compared to that of Syria and Turkey in global markets and is in good demand.

At present stock with traders and farmers is insufficient to meet the demand till February next year when new jeera crop will hit the markets. In Unjha, a key spot market in Gujarat, jeera edged down by -107.15 Rupees to end at 20900 Rupees per 100 kg.

Trading Ideas:

--Jeera trading range for the day is 21205-22195.

--Jeera dropped tracking weakness in spot demand on profit booking after prices gained amid restricted offerings due to paucity of stocks with trades.

--Jeera arrivals in Unjha markets are reported around 3,500 bags and nearly 5,500 bags were traded at Rs 3,600-4,000 per 20 kg.

--NCDEX accredited warehouses jeera stocks gained by 180 tonnes to 6196 tonnes.

--In Unjha, a key spot market in Gujarat, jeera edged down by -107.15 Rupees to end at 20900 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Sugar NR 3800.00
Gur NR 3650.00
Turmeric 49.5 6650.00
Methi 0.6 3043.00

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