NCDEX Jeera may trade between 16185-16875 levels
Commodity Online | October 10 2019
UPDATED 11:20:22 IST

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Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 17.05% to settled at 2595 while prices up 5 rupees.

Now NCDEX Jeera is getting support at 16365 and below same could see a test of 16185 levels, and resistance is now likely to be seen at 16710, a move above could see prices testing 16875.

Jeera on NCDEX settled up by 0.03% at 16545 amid higher acreage in coming season due to higher prevailing prices and favourable weather conditions. However, downside seen limited due to heavy rains in Gujarat has raised worries over a delay in sowing in the upcoming rabi season.

Quality and quantity of jeera arrivals have dropped as the season is at its fag end, hitting domestic demand. Moreover, ahead of the new season starting October and the absence of strong demand from bulk buyers capped the upside. According to the third advance estimates released by the farm ministry, jeera production was pegged at 608,000 tn in 2018-19 (Oct-Sep), compared with 689,000 tn last year.Parched land of Gujarat got good rains recently and soil moisture along with higher prices will motivate farmers to grow jeera on higher area in the ensuing season.

As per data arrivals of jeera in Gujarat is about 22,200 tn compared to 12,000 tn last year same period. At Merta City(Raj.) total arrivals are at 450 quintals, higher by 50 quintals from previous day’s arrivals. At Nagaur(Raj.) total arrivals are at 200 quintals, lower by 50 quintals from previous trading day. At Jodhpur(Raj.) market in Jodhpur, reported arrivals at 450 quintals, higher by 150 quintals from previous trading day. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 16850 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 16185-16875.
--Jeera prices dropped amid higher acreage in coming season due to higher prevailing prices and favourable weather conditions.
--However, downside seen limited due to heavy rains in Gujarat has raised worries over a delay in sowing in the upcoming rabi season.
--Jeera production was pegged at 608,000 tn in 2018-19 (Oct-Sep), compared with 689,000 tn last year.
--In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 16850 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil NR 9770.00
Coconut Oil 20 17650.00
Arecanut 43 1600.00
Sugar NR 3800.00

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