NCDEX Jeera may trade between 19160-19680 levels
Commodity Online | October 12 2018
UPDATED 09:50:30 IST

MCX Mentha Oil may trade between 1310.1-1371.3 levels

MCX Aluminium under fresh buying; Resistance seen at 144.2

MCX Nickel under short covering; Support seen at 859.6

MCX Zinc under fresh selling; Support seen at 202.9

NCDEX Chana under long liquidation; Resistance seen at 4457

Technically NCDEX Jeera is getting support at 19320 and below same could see a test of 19160 level, And resistance is now likely to be seen at 19580, a move above could see prices testing 19680.

Jeera on NCDEX settled up by 0.33% at 19485 on short covering after prices dropped amid good stocks and higher prices in the domestic market. India's jeera exports have been on a rise as the country has become the sole supplier in the world market.

Jeera from Turkey is expensive as it is offering jeera at $3,200 per ton, the costliest as of now. Export of jeera surged 74.03% to 12,299 tons in the month of July, compared to 7,067 tons in the same period a year ago.

Meanwhile, jeera arrivals in Unjha mandi, Gujarat, was 7,160 bags, compared to 5,282 bags. In the physical market, stockists have started to clear their stocks before the new sowing season starts in next two months.

According to India Meteorological Department, the state received 484.6 mm of rains so far, 28% below the normal weighted average of 672.7 mm. Jeera buying in the spot market is sluggish as traders are not ready to buy produce at higher prices.

Jeera arrivals of 3,258 bags were seen in Unjha mandi, Gujarat compared to 2,052 bags. As per trade information, crop damaged reported in Syria and Turkey due to heavy rainfall in support Indian Jeera in International market.

Quality wise (due to heavy rainfall) and price wise Indian Jeera more affordable than other producing country. Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days.  In Unjha, a key spot market in Gujarat, jeera edged down by 66.65 Rupees to end at 19433.35 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 19160-19680.
--Jeera prices gained on short covering after prices dropped amid good stocks and higher prices in the domestic market.
--Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days.
--NCDEX accredited warehouses jeera stocks gained by 121 tonnes to 2440 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged down by 66.65 Rupees to end at 19433.35 Rupees per 100 kg.

Courtesy: Kedia Commodities             

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