NCDEX Jeera under fresh selling; Support seen at 17980
Commodity Online | July 17 2019
UPDATED 11:50:51 IST

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MCX Nickel likely to move in a range of 977-1014.2

MCX Zinc under short covering; Resistance seen at 184.3

MCX Copper under short covering; Resistance seen at 441.1

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 2.98% to settled at 6420 while prices down 135 rupees.

Now NCDEX Jeera is getting support at 17980 and below same could see a test of 17845 levels, and resistance is now likely to be seen at 18300, a move above could see prices testing 18485.

Jeera on NCDEX settled down by 0.74% at 18120 on profit booking after prices gained due to steady demand from domestic stockists amid fall in supplies. Arrivals are lower as farmers are hoarding their produce on expectations of better prices.

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 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. In Unjha, a key spot market in Gujarat, jeera edged up by 66.65 Rupees to end at 18000 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 17845-18485.
--Jeera dropped on profit booking after prices gains due to steady demand from domestic stockists amid fall in supplies.
--Arrivals are lower as farmers are hoarding their produce on expectations of better prices.
--Good news for India's cumin exporters is that its yield in Syria-where new crop usually comes in the middle will be lower this year.
--In Unjha, a key spot market in Gujarat, jeera edged up by 66.65 Rupees to end at 18000 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 2 9050.00
Coconut Oil 2.5 17500.00
Arecanut 9 14000.00
Sugar 0.4 4000.00

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