NCDEX Jeera under short covering; Resistance seen at 13820
Commodity Online | December 03 2020
UPDATED 11:50:57 IST

NCDEX Chana under fresh buying; Resistance seen at 4475

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NCDEX Jeera under fresh buying; Resistance seen at 13390

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NCDEX Turmeric under fresh buying; Resistance seen at 6114

Technically Jeera market is under short covering as market has witnessed drop in open interest by 9.84% to settled at 2556 while prices up 50 rupees.

Now NCDEX Jeera is getting support at 13550 and below same could see a test of 13405 levels, and resistance is now likely to be seen at 13820, a move above could see prices testing 13945.

Jeera yesterday settled up by 0.37% at 13695 as some buying seen 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 13405-13945.
--Jeera prices gained as some buying seen 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 43.75 Rupees to end at 13806.25 Rupees per 100 kg.

Courtesy: Kedia Commodities

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