Zinc market under long liquidation; Support seen at 178.4
MCX Copper may trade in a range between 424.1-435.5
Natural Gas market under short covering; Resistance seen at 191.3
MCX Crude Oil may trade between 4662-4856 levels
MCX Silver may trade between 38198-38864 levels
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 5.23% to settled at 6699 while prices down 215 rupees.
Now NCDEX Jeera is getting support at 19345 and below same could see a test of 19170 level, And resistance is now likely to be seen at 19755, a move above could see prices testing 19990.
Jeera on NCDEX settled down by 1.09% at 19520 on profit booking after prices gained amid improved physical and exports due to good demand from China and Bangladesh. 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.
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.
According to export data released by Commerce ministry, exports in May surged 96% on yea 27,790 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 75 Rupees to end at 19270.85 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19170-19990.
–Jeera dropped on profit booking after prices gained amid improved physical and exports due to good demand from China and Bangladesh.
–Jeera output is expected to be bumper and supplies are likely to increase in the coming days.
–NCDEX accredited warehouses jeera stocks dropped by 15 tonnes to 2270 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 75 Rupees to end at 19270.85 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
