NCDEX Jeera under fresh buying; Resistance seen at 17580

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Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 1.15% to settled at 5793 while prices up 15 rupees.

Now NCDEX Jeera is getting support at 17460 and below same could see a test of 17405 , and resistance is now likely to be seen at 17580, a move above could see prices testing 17645.

Jeera on NCDEX settled up by 0.09% at 17515 due to good demand in physical from stockists as well as from exporters. The sentiments of the traders at the spot markets are positive due to heavy purchases being made by the exporters and wholesalers.

Good news for ’s cumin exporters is that its yield in -where new crop usually comes in the middle will be lower this year. This means that overseas demand for jeera from India can remain strong in the foreign market for the coming few months.

Overall due to higher availability this season, exports demand will play a major role in prices movement. Jeera exports is up 4.6% on year in February at 10,186 tn compared to 9,736 tn last year while for Apr-Feb period it is up 23.2% at 1.57 lt, compared to last year, according to DGCIS.

In March 2019, close to 70,500 tonnes of cumin arrived in . India’s cumin seed (jeera) output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan.

India’s cumin seed (jeera) output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan.  In Unjha, a key spot market in Gujarat, jeera edged up by 7.15 Rupees to end at 17407.15 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 17405-17645.
–Jeera prices gained due to good demand in physical from stockists as well as from exporters.
–India’s jeera output is set to touch 4.16 lakh tonnes for 2019, about 9% higher than the previous year.
–Good news for India’s cumin exporters is that its yield in Syria-where new crop usually comes in the middle of - will be lower this year.
–In Unjha, a key spot market in Gujarat, jeera edged up by 7.15 Rupees to end at 17407.15 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com