MCX Nickel under fresh buying; Resistance seen at 903.7
MCX Aluminium expected to trade between 143.1-150.5 levels
MCX Mentha Oil under short covering; Support seen at 1694
NCDEX Turmeric may trade between 6560-6844 levels
MCX Cardamom under fresh buying; Support seen at 1407
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 5.74% to settled at 5472 while prices down 170 rupees.
Now NCDEX Jeera is getting support at 19320 and below same could see a test of 19205 level, And resistance is now likely to be seen at 19610, a move above could see prices testing 19785.
Jeera on NCDEX settled down by 0.87% at 19430 on weak demand and prospects of higher sowing. Higher sowing expectations due to good monsoon in the harvesting area for the year 2018-2019 kept jeera prices under pressure.
Fall in demand from retailers and stockists amid adequate stocks also put pressure on jeera prices. However, hopes of fresh export demand due to weak rupee prevented prices to fall further. 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. 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. In Unjha, a key spot market in Gujarat, jeera edged down by 90 Rupees to end at 19500 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19205-19785.
–Jeera prices ended with losses on weak demand and prospects of higher sowing.
–However, hopes of fresh export demand due to weak rupee prevented prices to fall further.
–NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 2647 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 90 Rupees to end at 19500 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
