NCDEX Jeera under fresh selling; Resistance seen at 13215
Commodity Online | January 20 2021
UPDATED 11:51:06 IST

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MCX Zinc under short covering; Resistance seen at 219.8

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 3.97% to settled at 1413 while prices down 115 rupees.

Now NCDEX Jeera is getting support at 13100 and below same could see a test of 13050 levels, and resistance is now likely to be seen at 13215, a move above could see prices testing 13280.

Jeera yesterday settled down by 0.87% at 13155 as the season progresses in Gujarat, the increase in Rabi sowing continues. The total sowing of cumin in Gujarat has been over 4,64,469 hectares, compared to 4,35,657 hectares in the same period last year and the three-year average of 4,06,141 hectares in the state.

Prices are likely to decline due to a reduction in export demand amidst substantial carryover stocks. There has also been a decrease in demand from domestic stockists as the arrival of new crops is awaiting in the market. Meanwhile, prices are under pressure due to better sowing prospects this year.

As the ongoing rabi sowing progress and overall demand in wholesale markets in steady with bulk buyers are looking at the prospect of a heay crop in current harvest, keeping the undertone in futures mostly weak over last one month or so.

The latest data showed that acreage under Jeera in leading producing state of Gujarat was at 4.64 lakh hectates (lh), marking a jump of around 11% compared to the same time last year.

Meanwhile some support can be seen as statement from the Spices Board said export of spices, which had fetched ?12,273.81 crore in the first half of the current fiscal between April and September, had grown by 19 per cent compared to the corresponding period last year. In Unjha, a key spot market in Gujarat, jeera edged down by 40.6 Rupees to end at 13000 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 13050-13280.
--Jeera dropped as the season progresses in Gujarat, the increase in Rabi sowing continues.
--Prices declined due to a reduction in export demand amidst substantial carryover stocks.
--The total sowing of cumin in Gujarat has been over 4,64,469 hectares, compared to 4,35,657 hectares in the same period last year
--In Unjha, a key spot market in Gujarat, jeera edged down by 40.6 Rupees to end at 13000 Rupees per 100 kg.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 2 14200.00
Ghee 20 39700.00
Coconut Oil 1 22800.00
Arecanut 39 41950.00

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