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Tuesday, July 5, 2022

NCDEX Jeera under fresh selling; Resistance seen at 20680

MCX Copper may trade between 418.1-437.1 levels

Natural Gas market under fresh selling; Support seen at 190.9

MCX Crude Oil may trade in a range between 4636-4864

Silver market under fresh selling; Support seen at 38069

MCX Cotton under fresh buying; Support seen at 23954

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 18.12% to settled at 3384.

Now NCDEX Jeera is getting support at 20195 and below same could see a test of 20005 level, And resistance is now likely to be seen at 20680, a move above could see prices testing 20975.

Jeera on NCDEX settled down by 0.34% at 20390 on profit booking after prices seen supported by the anticipation of higher exports from China and Bangladesh due to restricted supplies from Syria.

As per reports it is anticipated that Jeera export during this fiscal may touch 175,000 ton level up from 143,670 ton jeera during 2017-18. 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.

According to export data released by Commerce ministry, exports in May surged 96% on year to 27,790 tonnes. Moreover, country exports about 87,115 tonnes of Jeera during Mar-May 2018. Jeera arrivals during July are pegged at 8,700 tonnes compared to 3,800 tonnes last year for same period.

Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently. In Unjha, a key spot market in Gujarat, jeera edged up by 363.35 Rupees to end at 19734.8 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 20005-20975.
–Jeera prices dropped on profit booking after prices seen supported by the anticipation of higher exports from China and Bangladesh.
–Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.
–NCDEX accredited warehouses jeera stocks gained by 12 tonnes to 2280 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 363.35 Rupees to end at 19734.8 Rupees per 100 kg.

Courtesy: Kedia Commodities          

Source: Commodityonline.com

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