Nickel market under short covering; Support seen at 941
MCX Aluminium may trade between 139.7-147.5 levels
MCX Cotton under fresh buying; Resistance seen at 24326.6
MCX Cardamom under fresh buying; Support seen at 1145.9
Zinc market under fresh selling; Support seen at 175
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 9.87% to settled at 8517 while prices down 270 rupees.
Now NCDEX Jeera is getting support at 19663 and below same could see a test of 19487 level, And resistance is now likely to be seen at 20123, a move above could see prices testing 20407.
Jeera on NCDEX settled down 1.34% at 19840 tracking weakness in spot demand amid new season crop due. However, downside seen limited on higher exports 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 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 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.
Trading Ideas:
–Jeera trading range for the day is 19485-20405.
–Jeera prices ended with losses tracking weakness in spot demand amid new season crop due.
–However, downside seen limited on higher exports from China and Bangladesh due to restricted supplies from Syria.
–NCDEX accredited warehouses jeera stocks dropped by 857 tonnes to 2579 tonnes.
–In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 Rupees to end at 19744 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
