Home Commodity Market News NCDEX Jeera may trade between 18210-18790 levels

NCDEX Jeera may trade between 18210-18790 levels

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Technically NCDEX Jeera is getting support at 18370 and below same could see a test of 18210 level, And resistance is now likely to be seen at 18660, a move above could see prices testing 18790. 

Jeera on NCDEX settled flat tracking good monsoon progress amid selling at higher level. Monsoon rainfall in Gujarat and Rajasthan is expected to be active in near-term and this is likely to keep sentiments down.

India is expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar), primarily because supply from its competitors has taken a hit making it the sole supplier of the largely sought after spice, trade officials said.

Supply of jeera from Syria and Turkey–India’s main rivals in the global jeera export market–has been hit both in terms of quantity and quality due to adverse weather, according to exporters. Having hit a record high of 155,000 tn in 2014-15, jeera exports fell to 97,790 tn in 2015-16, and 143,670 tn in the year ended March, according to data from Spices Board India.

Since Syria and Turkey have been wiped out from the global jeera trade, no competitors are left against India in jeera exports. Syria produced around 20,000-25,000 tn of jeera this year but the majority of the crop was lost to heavy rains.

Turkey produced 8,000 tn jeera this year, and rains have damaged 25% of the crop. China produced around 13,000 tn of jeera this year but they are the largest importer from India because it consumes around 100,000 tn annually. In Unjha, a key spot market in Gujarat, jeera edged down by 123.35 Rupees to end at 18366.65 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 18210-18790.
–Jeera prices settled flat tracking good monsoon progress amid selling at higher level.
–Monsoon rainfall in Gujarat and Rajasthan is expected to be active in near-term.
–NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 2016 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 123.35 Rupees to end at 18366.65 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com