NCDEX Jeera under fresh selling; Resistance seen at 17820
Commodity Online | June 07 2019
UPDATED 11:40:36 IST

MCX Mentha Oil likely to move in a range of 1257.9-1281.9

MCX Aluminium may trade between 138.2-140 levels

MCX Nickel under fresh buying; Support seen at 1232.4

NCDEX Chana under short covering; Resistance seen at 4076

MCX Zinc likely to move in a range of 181.2-187.6

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 7.84% to settled at 4830.

Now NCDEX Jeera is getting support at 17425 and below same could see a test of 17295 level, And resistance is now likely to be seen at 17820, a move above could see prices testing 18085.

Jeera on NCDEX settled down by 1.98% at 17560 on profit booking after prices gained due to good demand in physical from stockists as well as from exporters. The sentiments of the traders at the spot markets are positive due to heavy purchases being made by the exporters and wholesalers.

Good news for India's cumin exporters is that its yield in Syria-where new crop usually comes in the middle of June- will be lower this year. This means that overseas demand for jeera from India can remain strong in the foreign market for the coming few months.

Overall due to higher availability this season, exports demand will play a major role in prices movement.

Jeera exports is up 4.6% on year in February at 10,186 tn compared to 9,736 tn last year while for Apr-Feb period it is up 23.2% at 1.57 lt, compared to last year, according to DGCIS. In March 2019, close to 70,500 tonnes of cumin arrived in physical market.

India’s cumin seed (jeera) output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan.

India’s cumin seed (jeera) output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan. In Unjha, a key spot market in Gujarat, jeera edged up by 38.1 Rupees to end at 17671.45 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 17295-18085.
--Jeera dropped on profit booking after prices gained due to good demand in physical from stockists as well as from exporters.
--The sentiments of the traders at the spot markets are positive due to heavy purchases being made by the exporters and wholesalers.
--Good news for India's cumin exporters is that its yield in Syria-where new crop usually comes in the middle of June- will be lower this year.
--In Unjha, a key spot market in Gujarat, jeera edged up by 38.1 Rupees to end at 17671.45 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 2 8800.00
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Sugar 390 3422.00

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