NCDEX Jeera under fresh selling; Resistance seen at 14100
Commodity Online | March 05 2021
UPDATED 11:50:29 IST

NCDEX Chana under long liquidation; Resistance seen at 5799

MCX Cotton under long liquidation; Support seen at 21160

NCDEX Jeera may trade between 14035-14415 levels

NCDEX Turmeric under fresh selling; Resistance seen at 8162

NCDEX Mustard Seed under short covering; Support seen at 6842

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 2.95% to settled at 1359 while prices down 265 rupees.

Now NCDEX Jeera is getting support at 13685 and below same could see a test of 13525 levels, and resistance is now likely to be seen at 14100, a move above could see prices testing 14355.

Jeera yesterday settled down by 1.88% at 13845 as the arrival from the fields has started intensifying and the market is awaiting better quality spices with lower moisture content.

In Unjha Mandi, 21,000 bags have come in as compared to 12,500 bags in Rajkot whereas 7,500 bags have arrived in Rajkot as compared to 7,000 bags in the previous session.

The Unjha market is receiving nearly 1,000 bags per day from north Gujarat, Saurashtra, and parts of Rajasthan. Jeera production for 2021-22 (marketing period) is estimated at 391,291 MT (around 71 lakh bags each of 55 kg) compared to last year’s 451,451 MT (82 lakh bags).

Major export demand coming from UAE and other gulf countries ahead of Ramzan. Domestic demand is also boosted by Ramzan and marriage season. Weather conditions in major producing states have hampered the quality and supply of jeera.

On the international front support is also seen as turkey and Syria have reported less production of cumin this season. Production in Syria had dropped around 25-30 percent in 2020 versus the previous year due to political instability that has hampered the farming sector.

Cumin production in Turkey was around 15,000 tonne, this year it is estimated to be lower. In Unjha, a key spot market in Gujarat, jeera edged down by 40.6 Rupees to end at 13444.45 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 13525-14355.
--Jeera prices dropped as the arrival from the fields has started intensifying and better quality spices with lower moisture content.
--In Unjha Mandi, 21,000 bags have come in as compared to 12,500 bags.
--In Rajkot whereas 7,500 bags have arrived in Rajkot as compared to 7,000 bags in the previous session.
--In Unjha, a key spot market in Gujarat, jeera edged down by -40.6 Rupees to end at 13444.45 Rupees per 100 kg.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 1 12500.00
Ghee 9 43000.00
Coconut Oil 0.1 18100.00
Tamarind Seeds 25 3150.00

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