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Support seen at 18880 for NCDEX Jeera
Commodity Online | November 14 2017
UPDATED 14:26:27 IST

MCX Zinc may trade in range between 205.5-213.1

Copper market under fresh buying; Resistance seen at 449.4

Mentha Oil market under short covering; Support seen at 1685.7

NCDEX Turmeric likely to move in a range of 7024-7320

NCDEX Mustard Seed under long liquidation

Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 3.13% to settled at 12666 while prices up 330 rupees.

Now NCDEX Jeera is getting support at 18880 and below same could see a test of 18580 level, And resistance is now likely to be seen at 19355, a move above could see prices testing 19530.

Jeera on NCDEX settled up by 1.75% at 19185 on reports of poor stocks in producing and consuming centres amid hopes of good export buying.  However, expectations of sharp increase in sowing under jeera due to prevailing high prices limited the upside.

Arrivals in producing centres are normal as against earlier expectations of sharp drop in supplies due to lean season, report added. Jeera exports during April-August are estimated to be down by 2.6%.

Jeera sowing in Gujarat-the largest producing state-stood at 23,300 hectare versus only 3,400 hectare a year ago, data from Gujarat agriculture department showed.

Higher prices and strong export demand are likely to prompt farmers to cultivate more cumin seed (jeera) this year, leading to an increase in its acreage. Cumin seed acreage increasing by about 8-10 per cent in Gujarat and the bordering districts of Rajasthan in 2017-18, following attractive prices that the seed spice fetched farmers last year.

These two states together account for 80-85 per cent of the production of the spice. Estimates indicated jeera production for 2016-17 at around 4.85 lakh tonnes with the area under jeera at 7.60 lakh hectares. Sowing for the new crop is likely to begin from the first week of November and experts see more farmers taking up jeera cultivation in anticipation of higher prices.

In Unjha, a key spot market in Gujarat, jeera edged up by 44.75 Rupees to end at 18853.55 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 3.13% to settled at 12666 while prices up 330 rupees, now Jeera is getting support at 18880 and below same could see a test of 18580 level, And resistance is now likely to be seen at 19355, a move above could see prices testing 19530.

Trading Ideas:
--Jeera trading range for the day is 18580-19530.
--Jeera prices gained on reports of poor stocks in producing and consuming centres amid hopes of good export buying.
--However, expectations of sharp increase in sowing under jeera due to prevailing high prices limited the upside.
--NCDEX accredited warehouses jeera stocks dropped by 255 tonnes to 6100 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged up by 44.75 Rupees to end at 18853.55 Rupees per 100 kg.

 

Courtesy: Kedia Commodities

 

Commodity Arrivals Rate
Mustard Oil 30 8000.00
Coconut Oil 5 20700.00
Sugar NR 4450.00
Rubber 0.1 12200.00

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