NCDEX Jeera under fresh selling; Resistance seen at 14050
Commodity Online | May 11 2021
UPDATED 11:50:31 IST

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Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 34.92% to settled at 5019 while prices down 95 rupees.

Now NCDEX Jeera is getting support at 13800 and below same could see a test of 13700 levels, and resistance is now likely to be seen at 14050, a move above could see prices testing 14200.

Jeera yesterday settled down by 0.68% at 13900 as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments and pushed prices lower.

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 67.05 Rupees to end at 13987.5 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 13700-14200.
--Jeera prices dropped as lockdown restrictions increased against rising Covid cases, slowing spot trade interest weakened market sentiments
--As India struggles against curbing the Corona pandemic, exports markets have turned subdued.
--The new season arrivals shall continue with good numbers hence there will be ample availability in the market.
--In Unjha, a key spot market in Gujarat, jeera edged down by 67.05 Rupees to end at 13987.5 Rupees per 100 kg.

Courtesy: Kedia Commodities

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