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

MCX Nickel under short covering; Resistance seen at 723.3

Zinc likely to trade in a range between 201.2-207 levels

MCX Cotton under short covering

Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

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

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