NCDEX Jeera may trade between 17545-17885 levels

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Technically NCDEX Jeera is getting support at 17620 and below same could see a of 17545 level, And resistance is now likely to be seen at 17790, a move above could see prices testing 17885.

Jeera on NCDEX settled down by 0.39% at 17695 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 jeera arrivals is reported at 23.96 thousand MT which is around 198.75 per cent higher than the last year arrivals of 8.02 thousand MT 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 is estimated to decline.

Syria 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 83.35 Rupees to end at 17716.65 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 17545-17885.
–Jeera settled down 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 83.35 Rupees to end at 17716.65 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com