NCDEX Jeera under long liquidation
Commodity Online | February 12 2019
UPDATED 11:20:01 IST

NCDEX Soyabean under short covering; Support seen at 4242

MCX Cotton under short covering; Support seen at 20910

NCDEX Jeera under long liquidation

NCDEX Turmeric under fresh selling; Support seen at 6906

MCX Mentha Oil likely to move in a range of 1309.9-1359.3

Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 1.37% to settled at 2382.

Now NCDEX Jeera is getting support at 15400 and below same could see a test of 15320 level, And resistance is now likely to be seen at 15570, a move above could see prices testing 15660.

Jeera settled flat on account of reports of progress in harvesting activities in the main producing regions of Gujarat and Rajasthan. Besides, lower export demand in the physical market also triggered the downtrend.

Commencement of fresh crop arrivals in key spot market of Unjha in Gujarat is putting downward pressure on prices.In the 2nd advance estimate, cumin production in Gujarat is forecasted doen by 25% on year at 2.23 lakh tonnes for 2018/19 crop.

Area under cumin in the state is pegged at 3.48 lakh ha as on 4-Feb, down 9.1% on year but higher by 8.75% than normal area as per govt data. Exports of jeera is down 25.4% on year in November at 7,859 tonnes compared to 10,537 tn last year but jeera exports in 2018/19 (Apr-Dec) is 1.28 lt, up 26.7% compared to exports last year, acc. to Commerce Ministry.

The new jeera crop, which started coming into the benchmark Unjha market of Gujarat from last week, is being sold 23% lower from last year. This is because of high moisture content in the new crop.

Around 25-30 bags of the new crop arrived in the market and was sold at 15,500-16,500 rupees per 100 kg. In Unjha, a key spot market in Gujarat, jeera edged down by 19.1 Rupees to end at 16588.9 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 15320-15660.
--Jeera settled flat on account of reports of progress in harvesting activities in the main producing regions of Gujarat and Rajasthan.
--Commencement of fresh crop arrivals in key spot market of Unjha in Gujarat is putting downward pressure on prices.
--In the 2nd advance estimate, cumin production in Gujarat is forecasted doen by 25% on year at 2.23 lakh tonnes for 2018/19 crop.
--In Unjha, a key spot market in Gujarat, jeera edged down by 19.1 Rupees to end at 16588.9 Rupees per 100 kg.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 9.65 10300.00
Coconut Oil 2.5 17100.00
Arecanut 13 23000.00
Sugar 10.34 3900.00

More