MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
NCDEX Ref Soy Oil under short covering
MCX Crude Palm Oil under short covering; Resistance seen at 594.3
Technically Turmeric market is under short covering as market has witnessed drop in open interest by 6.47% to settled at 5505 while prices up 45 rupees.
Now NCDEX Jeera is getting support at 19210 and below same could see a test of 19085 level, And resistance is now likely to be seen at 19450, a move above could see prices testing 19565.
Jeera on NCDEX settled up by 0.23% at 19340 following reports of good rain fall in producing areas of Gujarat. Jeera arrivals stood at 8,700 ton during July as against 3,800 ton a year ago in the same period.
Export demand too was slow as there are reports that many exporters are in overbought position. 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.
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.
Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days. Jeera supply from last year up by 100% due to increased production current year.
Currently, all India stocks reported around 25 – 27 lakh bags. At Unjha market in Mehasana, estimated market supply was at 2500 bags, lower by 500 bags as against previous day. At Patan market in Patan(Guj.), sources reported arrivals at 26 quintals, lower by 14 quintals as compared to previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 27.7 Rupees to end at 19556.25 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19085-19565.
–Jeera gained on short covering after prices seen pressure following reports of good rain fall in producing areas of Gujarat.
–Jeera arrivals stood at 8,700 ton during July as against 3,800 ton a year ago in the same period.
–NCDEX accredited warehouses jeera stocks gained by 51 tonnes to 2609 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 27.7 Rupees to end at 19556.25 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
