Nickel market under long liquidation; Support seen at 945.1
Zinc market under fresh selling; Support seen at 177.9
Short cover seen in MCX Cotton
Copper market under short covering; Resistance seen at 418.1
Natural Gas market under fresh buying; Support seen at 202.2
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 5.6% to settled at 7752 while prices down 5 rupees.
Now NCDEX Jeera is getting support at 19945 and below same could see a test of 19785 level, And resistance is now likely to be seen at 20270, a move above could see prices testing 20435.
Jeera on NCDEX settled down by 0.02% at 20110 on profit booking after prices gained on robust demand and lower output this year. Jeera demand in the physical market is robust, ahead of festive season which has extended the gain in prices.
Jeera prices were higher on lower output this season while the stock is also less. India’s cumin seed output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are said to be lower.
According to export data released by Commerce ministry, exports in May surged 96% on year to 27,790 tonnes. Moreover, country exports about 87,115 tonnes of Jeera during Mar-May 2018. Jeera arrivals during July are pegged at 8,700 tonnes compared to 3,800 tonnes last year for same period.
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. In Unjha, a key spot market in Gujarat, jeera edged up by 22.4 Rupees to end at 19780.75 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19785-20435.
–Jeera settled flat on profit booking after prices gained on robust demand and lower output this year.
–Jeera prices were higher on lower output this season while the stock is also less.
–NCDEX accredited warehouses jeera stocks gained by 927 tonnes to 3436 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 22.4 Rupees to end at 19780.75 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
