Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 21.35% to settled at 2217 while prices down 60 rupees." />
 
NCDEX Jeera under fresh selling; Resistance seen at 16683
Commodity Online | October 09 2019
UPDATED 12:10:09 IST

MCX Mentha Oil under short covering; Support seen at 1271.5

MCX Aluminium may trade between 130.2-131.4 levels

MCX Nickel likely to move in a range of 1050.2-1099.2

MCX Zinc under fresh selling; Support seen at 186.5

MCX Copper under fresh selling; Support seen at 434.5

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 21.35% to settled at 2217 while prices down 60 rupees.

Now NCDEX Jeera is getting support at 16403 and below same could see a test of 16267 level, and resistance is now likely to be seen at 16683, a move above could see prices testing 16827.

Jeera on NCDEX settled down 0.36% at 16540 amid higher acreage in coming season due to higher prevailing prices and favourable weather conditions. However, downside seen limited due to heavy rains in Gujarat has raised worries over a delay in sowing in the upcoming rabi season.

Quality and quantity of jeera arrivals have dropped as the season is at its fag end, hitting domestic demand. Moreover, ahead of the new season starting October and the absence of strong demand from bulk buyers capped the upside.At Jodhpur(Raj.) market in Jodhpur, total arrivals are at 150 quintals, up by 50 quintals as against previous day.

At Merta City(Raj.) market in Nagaur(Raj.), total arrivals are at 550 quintals, up by 150 quintals as against previous day. At Unjha market in Mehsana, arrivals were reported at 10000 bags, up by 5000 bags as against previous day.According to the third advance estimates released by the farm ministry, jeera production was pegged at 608,000 tn in 2018-19 (Oct-Sep), compared with 689,000 tn last year.

Trading Ideas:
--Jeera trading range for the day is 16265-16825.
--Jeera prices dropped amid higher acreage in coming season due to higher prevailing prices and favourable weather conditions.
--However, downside seen limited due to heavy rains in Gujarat has raised worries over a delay in sowing in the upcoming rabi season.
--Jeera production was pegged at 608,000 tn in 2018-19 (Oct-Sep), compared with 689,000 tn last year.
--In Unjha, a key spot market in Gujarat, jeera edged down by 12.6 Rupees to end at 16907.4 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 14.93 9380.00
Coconut Oil 0.1 16300.00
Sugar 255 3322.00
Rubber 0.08 12400.00

More