2.7 C
New York
Thursday, February 22, 2024

NCDEX Jeera under long liquidation; Resistance seen at 16275

Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 0.73% to settled at 9405 while prices down 15 rupees.

Now NCDEX Jeera is getting support at 16120 and below same could see a test of 16055 levels, and resistance is now likely to be seen at 16275, a move above could see prices testing 16365.

Jeera yesterday settled down by 0.09% at 16190 as Cumin exports declined by 1.4% year-on-year to 1.39 lakh tonnes in April-September but are expected to improve in the coming months.However downside seen limited as domestic demand is now picking up also the export inquiries to support price.

Pressure also seen as adequate stock with traders and farmers may keeping prices under pressure at higher levelsThe area under cumin in Gujarat is only 1.71 lakh hectares as against 3 lakh hectares in the same period last year, while in Rajasthan, cumin was sown in 3.20 lakh hectares.

Jeera production in Syria and Turkey was limited due to bad weather, which increases demand for Indian cumin. Exports of spices from India during Apr-Sep declined 8% on year to 780,273 tn, according to data from the Spices Board India.

In terms of value, exports rose 3% to 154.6 bln rupees. India exported 77,245 tn of turmeric in Apr-Sep, down 26% on year. 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. In Unjha, a key spot market in Gujarat, jeera edged up by 121.65 Rupees to end at 16030 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 16055-16365.
–Jeera dropped as Cumin exports declined by 1.4% year-on-year to 1.39 lakh tonnes in April-September.
–However downside seen limited as domestic demand is now picking up also the export inquiries to support price.
–The area under cumin in Gujarat is only 1.71 lakh hectares as against 3 lakh hectares in the same period last year.
–In Unjha, a key spot market in Gujarat, jeera edged up by 121.65 Rupees to end at 16030 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Comodity Online

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