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Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 23.86% to settled at 4158 while prices up 190 rupees.
Now NCDEX Jeera is getting support at 19490 and below same could see a test of 19245 level, And resistance is now likely to be seen at 19930, a move above could see prices testing 20125.
Jeera on NCDEX settled up by 0.97% at 19735 amid lower levels may attract fresh buying. Steep fall in rupee against the US dollar may have a bullish impact as higher export demand is expected. Meanwhile, reports on improved rains in the central Gujarat major Jeera producing area limited the upside.
Weak output in Syria and restricted global supply may also provide support to the rising trend. 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.
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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.
According to export data released by Commerce ministry, exports in May surged 96% on year to 27,790 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by 12.5 Rupees to end at 19543.75 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19245-20125.
–Jeera prices gained amid lower levels may attract fresh buying.
–Weak output in Syria and restricted global supply may also provide support to the rising trend.
–NCDEX accredited warehouses jeera stocks dropped by 103 tonnes to 2506 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 12.5 Rupees to end at 19543.75 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
