Zinc market under fresh selling; Support seen at 184.7
MCX Copper may trade in a range between 426.2-454
Natural Gas market under fresh selling; Support seen at 194.1
Fresh Buying seen in MCX Crude Oil; Support seen at 5068
Short covering seen in MCX Cotton
Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 6.11% to settled at 3645 while prices up 250 rupees.
Now NCDEX Jeera is getting support at 18480 and below same could see a test of 18230 level, And resistance is now likely to be seen at 18910, a move above could see prices testing 19090.
Jeera on NCDEX settled up by 1.35% at 18725 amid good export demand amid limited supplies. Further, expectation of strong overseas demand on supply uncertainties in other producing nations owing to geo-political turmoil in Syria.
Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around July. Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.
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.
At Unjha market in Mehsana, total arrivals are at 12000 bags, down by 1000 bags as compared to previous day. At Patan market in Patan(Guj.), arrivals were reported at 65 quintals, down by 28 quintals from previous trading day.
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. In Unjha, a key spot market in Gujarat, jeera edged up by 130 Rupees to end at 18520 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18230-19090.
–Jeera prices ended with gains amid good export demand amid limited supplies.
–Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.
–NCDEX accredited warehouses jeera stocks dropped by 195 tonnes to 1800 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 130 Rupees to end at 18520 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
