NCDEX Jeera under fresh buying; Support seen at 13695
Commodity Online | June 14 2021
UPDATED 11:50:07 IST

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Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 9.74% to settled at 6252 while prices up 50 rupees.

Now NCDEX Jeera is getting support at 13695 and below same could see a test of 13620 levels, and resistance is now likely to be seen at 13850, a move above could see prices testing 13930.

Jeera yesterday settled up by 0.36% at 13770 on short covering after prices dropped as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments.

The wholesale offers for the NCDEX grade Jeera are currently offered around Rs.14000/qtl in Unjha and in Jodhpur, the mandi offers average near Rs.13900/qtl. Over a month, the wholesale prices in Unjha and Jodhpur have gone down by Rs.400/qtl and Rs.700/qtl respectively.

As India struggles against curbing the Corona pandemic, exports markets have turned subdued. The importers prefer to wait for the situation to normalize before negotiating for fresh deals.

They rather prefer to clear their older stocks first and presently they feel that the older inventory may be sufficient to balance the existing demand for next few weeks easily.

The new season arrivals shall continue with good numbers hence there will be ample availability in the market. However from a broader perspective, India’s exports outlook has brightened while crop is expected to be lower versus year on year.

Also, the nearest export competitors i.e. Turkey and Syria may not supply much to the world due to lower exportable surplus. In Unjha, a key spot market in Gujarat, jeera edged down by 50 Rupees to end at 13850 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 13620-13930.
--Jeera gained on short covering after prices dropped as lockdown restrictions increased against rising Covid cases.
--As India struggles against curbing the Corona pandemic, exports markets have turned subdued.
--The importers prefer to wait for the situation to normalize before negotiating for fresh deals.
--In Unjha, a key spot market in Gujarat, jeera edged down by 50 Rupees to end at 13850 Rupees per 100 kg.

Courtesy: Kedia Commodities

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