Aluminium market under short covering; Support seen at 143.9
MCX Cotton likely to move in a range of 23110-23430
MCX Cardamom under long liquidation; Resistance seen at 1323.5
Long liquidation seen in NCDEX Turmeric
NCDEX Mustard Seed under fresh selling; Support Seen at 4059
Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 0.35% to settled at 6822 while prices down 305 rupees.
Now NCDEX Jeera is getting support at 19008 and below same could see a test of 18687 level, And resistance is now likely to be seen at 19708, a move above could see prices testing 20087.
Jeera on NCDEX settled down 1.55% at 19330 tracking weakness in spot demand and in the absence of export buying. There are reports of around 3 million bags jeera in Unjha markets. At present, India is the lone supplier of jeera in the global market as output and stocks are lower in Turkey and Syria.
Jeera exports during this fiscal may touch 175,000 ton level up from 143,670 ton jeera during 2017-18 on the back of week Indian rupee which made Indian commodity cheaper in the global markets.
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 New Delhi market , estimated market supply was at 8000 quintals, higher by 3000 quintals from previous trading day.
At Merta City(Raj.) sources reported arrivals at 800 quintals, higher by 300 quintals from previous trading day. As per trade information, crop damaged reported in Syria and Turkey due to heavy rainfall in June support Indian Jeera in International market. Quality wise (due to heavy rainfall) and price wise Indian Jeera more affordable than other producing country.
Trading Ideas:
–Jeera trading range for the day is 18685-20085.
–Jeera prices ended with losses tracking weakness in spot demand and in the absence of export buying.
–There are reports of around 3 million bags jeera in Unjha markets.
–NCDEX accredited warehouses jeera stocks dropped by 278 tonnes to 2737 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 191.65 Rupees to end at 19695.85 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
