NCDEX Jeera under long liquidation; Resistance seen at 13775
Commodity Online | December 02 2020
UPDATED 11:50:52 IST

NCDEX Chana under short covering; Resistance seen at 4433

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MCX Cotton under long liquidation; Support seen at 21180

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MCX Nickel likely to move in a range of 1261.7-1369.9

Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 4.35% to settled at 2835 while prices down 160 rupees.

Now NCDEX Jeera is getting support at 13555 and below same could see a test of 13470 levels, and resistance is now likely to be seen at 13775, a move above could see prices testing 13910.

Jeera yesterday settled down by 1.16% at 13645 as traders eyed the sowing trends in coming harvest. The demand in retail markets is likely to soften a bit post Diwali festivities, keeping wholesale buying in check.

The latest sowing data from leading producing state of Gujarat showed that the acreage under Jeera stood at 50496 hectares, marking a sharp spurt of 156% compared to 19723 hectares at the same time last year.

While there is a lot of time for the actual harvest to arrive in market, traders will be focusing on the sowing activity in near term.

Secondly, although low production in Syria and Turkey has given India an edge in the international market in the last two years due to its superior quality, high production in summer this year is likely to be a loss for India.

FISS has estimated 30,000 tonnes of cumin production in Syria in 2020-21 against 17,000–18,000 tonnes in the previous season, while Turkish production has reached 12,000–15,000 tonnes against 5,000–7,000 tonnes in the same period.

Trading Ideas:
--Jeera trading range for the day is 13470-13910.
--Jeera prices dropped as traders eyed the sowing trends in coming harvest.
--The latest sowing data from leading producing state of Gujarat showed that the acreage under Jeera stood at 50496 hectares
--The demand in retail markets is likely to soften a bit post Diwali festivities, keeping wholesale buying in check.
--In Unjha, a key spot market in Gujarat, jeera edged down by 37.5 Rupees to end at 13850 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 8 13600.00
Coconut Oil 0.1 19800.00
Arecanut 150 42381.00
Sugar 8 3700.00

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