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Saturday, May 21, 2022

NCDEX Jeera expected to trade in a range between 19295-19935

Turmeric market under fresh selling

MCX Crude Palm Oil market under short covering

Soyabean market under fresh buying; Support seen at 3317

Cotton market under fresh selling; Support seen at 23364

Mentha Oil market under short covering; Support seen at 1638.3

Technically market is under short covering as market has witnessed drop in open interest by 1.54% to settled at 8055. Now Jeera is getting support at 19490 and below same could see a test of 19295 levels and resistance is now likely to be seen at 19810, a move above could see prices testing 19935.

Jeera on NCDEX settled up by 0.38% at 19685 on lower rains in northern Gujarat, good physical and exports demands from China and Bangladesh. India’s cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower.

As per trade information, crop damaged reported in Syria and Turkey due to heavy rainfall in June support Indian Jeera in International market. Quality wise (due to heavy rainfall) and price wise Indian Jeera more affordable than other producing country.

Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days. Jeera supply from last year up by 100% due to increased production current year. Currently, all India stocks reported around 25 – 27 lakh bags.

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.

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. In Unjha, a key spot market in Gujarat, jeera edged down by -5.9 Rupees to end at 19652.1 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 19295-19935.
–Jeera prices gained on lower rains in northern Gujarat, good physical and exports demands from China and Bangladesh.
–India’s cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower.
–NCDEX accredited warehouses jeera stocks gained by 239 tonnes to 2854 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -5.9 Rupees to end at 19652.1 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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