Nickel market under fresh selling; Support seen at 913.5
MCX Zinc likely to trade between 169.1-176.7 levels
MCX Copper likely to trade between 411.9-428.3 levels
MCX Natural Gas may trade in a range between 184.8-192.6
Crude Oil market under short covering; Support seen at 4608
Technically Jeera market is under short covering as market has witnessed drop in open interest by 1.43% to settled at 5775 while prices up 10 rupees.
Now NCDEX Jeera is getting support at 18540 and below same could see a test of 18370 level, And resistance is now likely to be seen at 18820, a move above could see prices testing 18930.
Jeera on NCDEX settled flat on profit booking after prices gained amid exports demand from China and Bangladesh. There is good scope of export because at present India is the only supplier in the global market output is stated to lower in the other two producing countries Turkey and Syria.
There are reports of good export demand from Bangladesh and China. Jeera export during this fiscal may touch 175,000 ton level up from 143,670 ton jeera during 2017-18. A trade body-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.
India exported 143,670 ton jeera during 2017-18 up from 119,000 ton a year ago due to increased demand from China and Bangladesh. At Rajkot market, arrivals seen at 105 quintal, down by 55 quintal as compared to previous day.
At Nagaur(Raj.) market in Nagaur, estimated market supply was at 1200 quintals, higher by 200 quintals as against previous day.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.In Unjha, a key spot market in Gujarat, jeera edged up by 28.55 Rupees to end at 18600 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18370-18930.
–Jeera prices settled flat on profit booking after prices gained amid exports demand from China and Bangladesh.
–There is good scope of export because at present India is the only supplier in the global market output is stated to lower in Turkey and Syria.
–NCDEX accredited warehouses jeera stocks gained by 93 tonnes to 2228 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 28.55 Rupees to end at 18600 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
