Copper market under fresh selling; Support seen at 408.8
Natural Gas likely to trade between 185-194.8 levels
MCX Crude Oil may trade in a range between a 4538-4844
Silver market under fresh selling; Support seen at 37978
MCX Cotton under long liquidation
Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 8.41% to settled at 5424 while prices down 75 rupees.
Now NCDEX Jeera is getting support at 18575 and below same could see a test of 18380 level, And resistance is now likely to be seen at 18950, a move above could see prices testing 19130.
Jeera on NCDEX settled down by 0.4% at 18770 on profit booking after prices gained due to firm trend in physical market and improved exports. India jeera crop is projected for bumper harvest thanks to higher acreage and favorable weather conditions.
The Federation of Indian Spices Stakeholders (FISS) — a trade body — projected India’s 2017-18 jeera output at 6.92 million bags, up 19% on year on back of higher acreage and favourable weather. Last year India produced 5.83 million bags of jeera.
Jeera sowing in Gujarat jumped nearly 38% to 382,700 hectares, data from Gujarat Agriculture Directorate showed. At Rajkot market in Rajkot(Guj.), arrivals were reported at 125 quintals, up by 35 quintals from previous day’s arrivals.
At New Delhi market, sources reported arrivals at 6000 quintals, up by 1000 quintals as compared to previous day. At Nagaur(Raj.) market in Nagaur, arrivals were reported at 700 quintals, down by 800 quintals as compared to previous 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 down by 80.1 Rupees to end at 18633.35 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18380-19130.
–Jeera prices dropped on profit booking after prices gained due to firm trend in physical market and improved exports.
–India jeera crop is projected for bumper harvest thanks to higher acreage and favorable weather conditions.
–NCDEX accredited warehouses jeera stocks gained by 129 tonnes to 2270 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 80.1 Rupees to end at 18633.35 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
