NCDEX Chana under fresh buying; Resistance seen at 4103
MCX Cotton under short covering; Resistance seen at 16200
NCDEX Jeera under fresh buying; Support seen at 13150
NCDEX Turmeric under fresh buying; Support seen at 5248
NCDEX Mustard Seed under short covering; Support seen at 4242
Jeera on NCDEX settled up by 1.16% at 16120 tracking firmness in spot demand and expectations of good export demand this year. However, the countries like China and Bangladesh have reported strong demand of Indian jeera. The sources stated that the total jeera production is projected to decline by 15 percent to reach 45 lakh tonnes as jeera area will be shifted towards castor seed for better returns. At Patan market in Patan(Guj.), estimated market supply was at 54 quintals, lower by 16 quintals as compared to previous day.
At Rajkot market in Rajkot(Guj.), arrivals were reported at 310 quintal, down by 115 quintal from previous trading day. At Gondal(Guj.) market in Rajkot(Guj.), sources reported arrivals at 300 quintals, down by 250 quintals as against previous day. As per third advance estimate of Gujarat State for 2015-16, production is pegged at 2.13 lt higher by about 7% forecasted in revised fourth advance estimate of 1.97 lt. In 2013-14, production was 3.46 lt. According to Dept of Commerce data, the export of jeera during first 11 month of 2015-16 (Apr-Feb) is 78,965 tonnes compared to 1.46 lt exported last year same period.
The exports for 2015-16 shows a declining trend compared to last year. Devaluation of currencies in the buying countries and appreciation of Indian currency combined with high prices have led to a steep decline in jeera exports in 2015-16. In Unjha, a key spot market in Gujarat, jeera edged down by -62.5 rupees to end at 16637.5 rupee per 100 kg. Technically now Jeera is getting support at 15970 and below same could see a test of 15815 level, and resistance is now likely to be seen at 16240, a move above could see prices testing 16355.
--Jeera trading range for the day is 15815-16355.
--Jeera prices gained tracking firmness in spot demand and expectations of good export demand this year.
--The sources stated that the total jeera production is projected to decline by 15 percent to reach 45 lakh tonnes.
--NCDEX accredited warehouses jeera stocks dropped by 90 tonnes to 4005 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged down by -62.5 rupees to end at 16637.5 rupee per 100 kg.Courtesy: Kedia Commodities