NCDEX Jeera likely to move in a range of 17275-17955

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Technically NCDEX Jeera is getting support at 17400 and below same could see a test of 17275 level, And resistance is now likely to be seen at 17740, a move above could see prices testing 17955.

Jeera on NCDEX settled down by 0.9% at 17520 on profit booking after prices gained on the back of rising physical and export demand despite of higher availability of crop this season. Overall due to higher availability this season, exports demand will play a major role in prices movement.

All India jeera arrivals is reported at 23.96 thousand which is around 198.75 per cent higher than the last year arrivals of 8.02 thousand in the same time period. Arrivals are higher as farmers are bringing their crop due to higher prevailing domestic prices.

As per trade sources India is likely to have exported around 120,000 tonnes Jeera in April-December. As per market sources, Cumin seed production in and Turkey is estimated to decline. production is estimated around 25,000 tonnes this year as major part of their crop has been damaged and discoloured due to heavy rains.

Turkey jeera production is estimated at 8,000 tonnes as rains have damaged 25 per cent of the crop. Demand from exporters and bulk buyers are activity buying in the market as they are expecting demand to increase in the coming months.

According to the second advance estimates, production of Jeera in Gujarat in 2018-19 is expected to be lower by about 25 percent to 2.23 lakh MT compared to last year’s forecast of 2.97 lakh MT amid lower acreage in the state due to dry conditions during the sowing season and expected lower yield.  In Unjha, a key spot market in Gujarat, jeera edged down by -28.6 Rupees to end at 17428.55 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 17275-17955.
–Jeera dropped on profit booking after prices gained on the back of rising physical and export demand despite of higher availability of crop this season.
–Overall due to higher availability this season, exports demand will play a major role in prices movement.
–Arrivals are higher as farmers are bringing their crop due to higher prevailing domestic prices.
–In Unjha, a key spot market in Gujarat, jeera edged down by -28.6 Rupees to end at 17428.55 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com