Short covering seen in MCX Zinc
MCX Gold may trade in a range between 30423-30805
MCX Aluminium under fresh buying; Support seen at 143.3
MCX Mentha Oil under short covering
NCDEX Castor under fresh buying; Support seen at 4371
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 2.54% to settled at 4602 while prices down 325 rupees.
Now NCDEX Jeera is getting support at 18543 and below same could see a test of 18352 level, And resistance is now likely to be seen at 19083, a move above could see prices testing 19432.
Jeera on NCDEX settled down 1.71% at 18735 on profit booking after prices gained on anticipation of good exports demand. In last some sessions prices gained supported by anticipation of higher exports from China and Bangladesh due to restricted supplies from 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.
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.
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.
According to farmer estimates, jeera production in Gujarat was estimated at around 2.75 lakh tonnes (approximately 50 lakh bags weighing 55 kg each) last year, which is likely to touch 4.12 lakh tonnes this year.
Trading Ideas:
–Jeera trading range for the day is 18350-19430.
–Jeera prices dropped on profit booking after prices gained on anticipation of good exports demand.
–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 gained by 21 tonnes to 2016 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 78.35 Rupees to end at 18658.35 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
