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Wednesday, August 17, 2022

NCDEX Jeera under fresh selling; Resistance seen at 19555

Aluminium market under short covering; Support seen at 146.2

Nickel market under fresh selling; Resistance seen at 896.6

MCX Zinc under fresh selling; Support seen at 172.8

MCX Cotton market under short covering; Support seen at 22736.6

MCX Cardamom under fresh buying; Support Seen at 1438.4

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 15.02% to settled at 6294 while prices down 10 rupees.

Now NCDEX Jeera is getting support at 19310 and below same could see a test of 19200 level, And resistance is now likely to be seen at 19555, a move above could see prices testing 19690.

Jeera prices settled flat amid pick-up in domestic as well as exports demand at the spot market. Further, tight stocks position on fall in arrivals from the growing regions also added supported to jeera prices uptrend.

However, upside seen limited due to improved rains in the central Gujarat major Jeera producing area. 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 June surged 55.7% on year to21,404 tonnes.

Moreover, country exports about 75,242 tonnes of Jeera during Apr-Jun 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.

Trading Ideas:
–Jeera trading range for the day is 19200-19690.
–Jeera prices settled flat amid pick-up in domestic as well as exports demand at the spot market.
–However, upside seen limited due to improved rains in the central Gujarat major Jeera producing area.
–NCDEX accredited warehouses jeera stocks gained by 139 tonnes to 2786 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -50 Rupees to end at 19450 Rupees per 100kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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