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Tuesday, May 24, 2022

NCDEX Jeera may move in a range of 19755-20805

Aluminium market under fresh buying; Support seen at 141.6

Nickel market under long liquidation; Support seen at 939.8

MCX Cotton under fresh buying; Support seen at 23334

MCX Cardamom under fresh buying; Resistance seen at 1363.5

Zinc market under fresh selling; Support seen at 166.2

Technically Jeera market is under short covering as market has witnessed drop in open interest by 2.31% to settled at 7743.

Now NCDEX Jeera is getting support at 20075 and below same could see a test of 19755 level, And resistance is now likely to be seen at 20600, a move above could see prices testing 20805.

Jeera on NCDEX settled up by 2.57% at 20390 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 up by 271 Rupees to end at 19923.1 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 19755-20805.
–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 20 tonnes to 3039 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 271 Rupees to end at 19923.1 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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