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Saturday, January 22, 2022

NCDEX Jeera under long liquidation; Resistance seen at 16240

Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 8.04% to settled at 9021 while prices down 385 rupees.

Now NCDEX Jeera is getting support at 15810 and below same could see a test of 15650 levels, and resistance is now likely to be seen at 16240, a move above could see prices testing 16510.

Jeera yesterday settled down by -2.35% at 15975 as adequate stock with traders and farmers may keeping prices under pressure at higher levels.

However downside seen limited as domestic demand is now picking up also the export inquiries to support price.

Jeera production in Syria and Turkey was limited due to bad weather, which increases demand for Indian cumin.

As of now Exports of Jeera for Apr-Aug was down by 12% Y/Y at 1.24 lakh tonnes but expected improve in coming months as Rupee weakness will support exports. During last two months, the prices were higher compared to last year despite sufficient stocks with traders.

Sowing can see drop as farmers preferred to have other crop against Jeera. Weather in key sowing area will be crucial in next few months. 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.

Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year. In Unjha, a key spot market in Gujarat, jeera edged down by 154.15 Rupees to end at 15933.35 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 15650-16510.
–Jeera dropped as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
–However downside seen limited as domestic demand is now picking up also the export inquiries to support price.
–India’s cumin exports will increase due to less supply from Afghanistan-Syrian
–In Unjha, a key spot market in Gujarat, jeera edged down by 154.15 Rupees to end at 15933.35 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Comodity Online

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