NCDEX Jeera under fresh selling; Resistance seen at 14235
Commodity Online | April 16 2021
UPDATED 11:50:30 IST

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Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 2.66% to settled at 6369 while prices down 35 rupees.

Now NCDEX Jeera is getting support at 14040 and below same could see a test of 13950 levels, and resistance is now likely to be seen at 14235, a move above could see prices testing 14340.

Jeera yesterday settled up by 2.51% at 14490 on short covering tracking gains in other agri commodities after prices remained under pressure in recent sessions as there is pressure on the supply of new crops in the spot markets and demand will be affected due to the lockdown amid resurgence in corona virus cases in many countries.

Pressure seen after update in Gujarat and Rajasthan mandis, the arrival of cumin has increased by 65.28% during the current marketing year (February-January) 2021-22.

The total arrival in both the states from February 1 to March 31, 2021 was 136031.18 tonnes as compared to 82300.31 tonnes at the same time last year.

Preliminary data showed for March 2021 showed jeera exports gained by 92% on year on year basis to 37,326 tons against 19,406 tons in March 2020. In 2020 March exports of Cumin were less because of boarder tensions with China.

According to the Union Government's Ministry of Consumer Affairs, the arrival of cumin in the mandis of Gujarat from 1 February to 31 March 2021 was 121063.57 tonnes while it was was 79604.84 tonnes from February to 31 March 2020. In this way, there was a 52.08 percent increase in arrivals.

The Federation of Indian Spice Stakeholders has estimated the production of cumin from the country to be 478520 tonnes this year. This production was 535500 tonnes in the Rabi season 2020. This production of cumin is 10.6 percent is less than in the year 2020. In Unjha, a key spot market in Gujarat, jeera edged down by 21.9 Rupees to end at 14054.55 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 13935-14895.
--Jeera gained on short covering tracking gains in other agri commodities after prices remained under pressure as there is pressure on the supply of new crops
--In Gujarat and Rajasthan mandis, the arrival of cumin has increased by 65.28% during the current marketing year
--Preliminary data showed for March 2021 showed jeera exports gained by 92% on year on year basis to 37,326 tons
--In Unjha, a key spot market in Gujarat, jeera edged down by 21.9 Rupees to end at 14054.55 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 5 17200.00
Ghee NR 42000.00
Coconut Oil 0.1 19000.00
Tamarind Seeds 10 3200.00

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