Zinc market under fresh selling; Support seen at 174.6
MCX Copper may trade in a range between 416.8-428.4
MCX Copper may trade in a range between 416.8-428.4
Natural Gas market under fresh selling; Support seen at 190.5
Crude Oil market under long liquidation; Support seen at 4714
Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 1.89% to settled at 5832 while prices up 55 rupees.
Now NCDEX Jeera is getting support at 18440 and below same could see a test of 18300 level, And resistance is now likely to be seen at 18780, a move above could see prices testing 18980.
Jeera on NCDEX settled up by 0.3% at 18585 on expectation of improved physical and exports in line with good demand from China and Bangladesh due to restricted supplies from Syria. Further, expectation of strong overseas demand on supply uncertainties in other producing nations owing to geo-political turmoil in Syria.
India is expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar), primarily because supply from its competitors has taken a hit making it the sole supplier of the largely sought after spice, trade officials said.
Supply of jeera from Syria and Turkey–India’s main rivals in the global jeera export market–has been hit both in terms of quantity and quality due to adverse weather, according to exporters. Having hit a record high of 155,000 tn in 2014-15, jeera exports fell to 97,790 tn in 2015-16, and 143,670 tn in the year ended March, according to data from Spices Board India.
Since Syria and Turkey have been wiped out from the global jeera trade, no competitors are left against India in jeera exports. Syria produced around 20,000-25,000 tn of jeera this year but the majority of the crop was lost to heavy rains.
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. In Unjha, a key spot market in Gujarat, jeera edged up by 147.65 Rupees to end at 18514.3 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18300-18980.
–Jeera prices gained on expectation of improved physical and exports in line with good demand from China and Bangladesh due to restricted supplies from Syria.
–India is expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar), primarily because supply from its competitors has taken a hit.
–NCDEX accredited warehouses jeera stocks dropped by 84 tonnes to 1932 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 147.65 Rupees to end at 18514.3 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
