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Tuesday, October 26, 2021

NCDEX Jeera may trade between 14410-14650 levels

Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 4.25% to settled at 4191 while prices up 10 rupees.

Now NCDEX Jeera is getting support at 14470 and below same could see a test of 14410 levels, and resistance is now likely to be seen at 14590, a move above could see prices testing 14650.

Jeera yesterday settled up by 0.07% at 14530 as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way.

However upside seen limited as the sowing of cumin seeds in Gujarat and Rajasthan may increase due to normal rains in the western region.

In 2021 (January-July), the country has exported more than 1.75 lakh tonnes of cumin as compared to 1.67 lakh tonnes in the same period last year.

In 2021 (January-June), the country has exported more than 1.50 lakh tonnes of cumin as compared to 1.3 lakh tonnes in the same period last year.

Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year.

Recent estimates state that cumin production has slumped by 60% in Iran’s Razavi Khorasan Province due to severe drought and unusually cold weather coupled with an early spring.

Rainfall ranges 63% lower than last year this season so far. Extensive crop losses seen, the early onset of spring in February also caused serious damage to production. In Unjha, a key spot market in Gujarat, jeera edged down by 37.1 Rupees to end at 14256.25 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 14410-14650.
–Jeera gained as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export
–However upside seen limited as the sowing of cumin seeds in Gujarat and Rajasthan may increase due to normal rains.
–In 2021 (January-July), the country has exported more than 1.75 lakh tonnes of cumin
–In Unjha, a key spot market in Gujarat, jeera edged down by 37.1 Rupees to end at 14256.25 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Comodity Online

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