MCX Aluminium may trade between 141.4-148.6 levels
MCX Mentha Oil under short covering; Support seen at 1292.9
MCX Nickel likely to trade in range between 963.5-1022.7
MCX Zinc expected to trade between 189.4-199.2 levels
MCX Copper may trade between 439-456.6 levels
Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 3.29% to settled at 3435 while prices down 200 rupees.
Now NCDEX Jeera is getting support at 18140 and below same could see a test of 17805 level, And resistance is now likely to be seen at 18695, a move above could see prices testing 18915.
Jeera on NCDEX settled down by 1.07% at 18475 on profit booking after prices gained on anticipation of higher exports from China and Bangladesh due to restricted supplies from Syria. Jeera output is expected to be bumper and supplies are likely to increase in the coming days.
The Federation of Indian Spices Stakeholders (FISS) – projected India’s 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather. Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around June-July.
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Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.According to export data released by Commerce ministry, Jeera recorded its highest monthly exports of 33,458 tonnes in March while in April the exports were 74% higher on year at 25,900 tonnes.
During FY 2017/18, country exported about 1,60,479 tonnes of jeera, up by 24.5% on year. Jeera arrivals during 1-15 Jun are pegged at 7,780 tonnes compared to 5,055 tonnes last year for same period.
As per sowing report, current year Jeera sowing area reported increased in Gujarat and Rajasthan due to higher prices throughout the year. Expected sowing area to go up by 15-25% in Rajasthan and Gujarat, in the current year. In Unjha, a key spot market in Gujarat, jeera edged up by 27.5 Rupees to end at 18390 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 17805-18915.
–Jeera dropped on profit booking after prices gained on anticipation of higher exports from China and Bangladesh due to restricted supplies from Syria.
–Jeera output is expected to be bumper and supplies are likely to increase in the coming days.
–NCDEX accredited warehouses jeera stocks gained by 35 tonnes to 1995 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 27.5 Rupees to end at 18390 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
