Post Leads  |
 
NCDEX Jeera under fresh selling; Resistance seen at 16833
Commodity Online | September 16 2019
UPDATED 11:50:36 IST

NCDEX Mustard Seed likely to move in a range of 4092-4220

MCX Crude Palm Oil under short covering; Support seen at 553.7

MCX Mentha Oil likely to move in a range of 1188.5-1219.9

MCX Aluminium may trade between 133.1-134.1 levels

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 758

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 0.06% to settled at 5181 while prices down 120 rupees.

Now NCDEX Jeera is getting support at 16638 and below same could see a test of 16562 level, and resistance is now likely to be seen at 16833, a move above could see prices testing 16952.

Jeera on NCDEX settled down 0.71% at 16715 amid prospects of good crop next season. Pressure also seen because of high moisture content in the spice, due to rainfall in the key producing areas of Gujarat. Parched land of Gujarat got good rains recently and soil moisture along with higher prices will motivate farmers to grow jeera on higher area in the ensuing season.

As per data arrivals of jeera in Gujarat is about 30,000 tn compared to 7,500 tn last year same period. As per Commerce Ministry data, the Jeera exports down to 18,165 tn compared to 22,000 tn last year in June.

Overall, the export of Jeera has dropped 6.4% in the first quarter of FY20 to 71,000 compared to 75,800 tn in the same period last fiscal. Arrivals of jeera in Gujarat is about 22,200 tn during 1-25 Aug compared to 12,000 tn last year same period.

As per Commerce Ministry data, the Jeera exports down to 18,165 tn compared to 22,000 tn last year in June. Overall, the export of Jeera has dropped 6.4% in the first quarter of FY20 to 71,000 compared to 75,800 tn in the same period last fiscal.

Trading Ideas:
--Jeera trading range for the day is 16560-16950.
--Jeera prices dropped amid prospects of good crop next season
--Pressure also seen because of high moisture content in the spice, due to rainfall in the key producing areas of Gujarat.
--Arrivals of jeera in Gujarat is about 22,200 tn during 1-25 Aug compared to 12,000 tn last year same period.
--In Unjha, a key spot market in Gujarat, jeera edged down by 112.7 Rupees to end at 17058 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Arecanut 0.59 23000.00
Sugar 0.4 4000.00
Rubber 0.03 12100.00
Gur 1.4 3560.00

More