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Resistance seen at 15945 for NCDEX Jeera
Commodity Online | April 17 2018
UPDATED 12:26:34 IST

MCX Zinc likely to trade in a range between 177.3-190.1

MCX Copper expected to trade in a range between 453.2-466.2

MCX Natural Gas expected to trade in a range between 211.6-226

MCX Nickel likely to move in a range of 909.3-965.3

MCX Aluminium may trade between 145-151.2 levels

Technically NCDEX Jeera is under fresh buying as market has witnessed gain in open interest by 4.01% to settled at 5208 while prices up 210 rupees.

Now Jeera is getting support at 15730 and below same could see a test of 15600 level, And resistance is now likely to be seen at 15945, a move above could see prices testing 16030.Jeera on NCDEX settled up by 1.34% at 15865 supported by fresh buying on lower arrivals and anticipation of improve in physical demand in coming weeks.

Arrivals of jeera in the country were lower at 15,367 tonnes during 1-15 April compared to 19,265 tonnes last year for the same period.

As per government data, Jeera exports during first 10 month of FY 2017/18 (Apr-Jan) is 114,882 tonnes, up 12.5% compared to last year exports volume for the same period. India's jeera exports in January were down by 9.3% on year to 7,705 tonnes. Jeera output is expected to be bumper and supplies are likely to increase in the coming days.

The Federation of Indian Spices Stakeholders (FISS) - projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather. Jeera arrivals during March this year swelled to 50,973 ton from 43,831 ton a year ago.

As per sowing report, current year Jeera sowing area reported increased in Gujarat and Rajasthan due to higher prices throughout the year.

Expected sowing area to go up by 15-25% in Rajasthan and Gujarat, in the current year. As per production estimate Jeera production for 2018-19 is estimated at 379,500 MT compared to previous year’s 314,050 MT. In Unjha, a key spot market in Gujarat, jeera edged up by 63.35 Rupees to end at 15933.35 Rupees per 100 kg.        

Trading Ideas:   

--Jeera trading range for the day is 15600-16030.

--Jeera prices gained supported by fresh buying on lower arrivals and anticipation of improve in physical demand in coming weeks.

--Arrivals of jeera in the country were lower at 15,367 tonnes during 1-15 April.

--NCDEX accredited warehouses jeera stocks gained by 44 tonnes to 3413 tonnes.

--In Unjha, a key spot market in Gujarat, jeera edged up by 63.35 Rupees to end at 15933.35 Rupees per 100 kg.

Courtesy: Kedia Commodities

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