MCX Cardamom under short covering; Resistance seen 1451.9
NCDEX Turmeric under long liquidation
NCDEX Mustard Seed under fresh selling; Support Seen at 4196
Short covering seen in MCX Crude Palm Oil
Ref. Soya Oil market under short covering; Support seen at 736
Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 0.12% to settled at 7338.
Now NCDEX Jeera is getting support at 18750 and below same could see a test of 18530 level, And resistance is now likely to be seen at 19340, a move above could see prices testing 19710.
Jeera on NCDEX settled down by 2.29% at 18965 on higher arrivals in the physical market. However, downside seen limited on the back of good domestic and export demand from China and Bangladesh.
Jeera arrivals of 6,711 bags were seen in Unjha mandi, Gujarat compared to 5,900 bags on the previous day. 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. Good rains in Gujarat and Rajasthan further boosted productivity aspects and traders estimate the crop to be between 65-75 lakh bags.
Jeera acreage in Gujarat is up by 38% to 3.83 lakh hectares as on 15-Jan-18. Acreage was 2.88 lakh ha at that same time. Falling production in International markets like Turkey and Syria due to on-going political tensions in those countries have shifted the exports towards India.
Government has reported exports during FY 2017-18 at 143,670 tonnes, up 21% in quantity and 23% in value vs earlier year. Exports from China have shown improvement.
Demand from Gulf countries too has shifted to India as geopolitical tensions in Turkey and Syria adversely affected the production and the exports from there. In Unjha, a key spot market in Gujarat, jeera edged down by 176.8 Rupees to end at 19323.2 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18530-19710.
–Jeera prices slipped on higher arrivals in the physical market.
–Jeera arrivals of 6,711 bags were seen in Unjha mandi, Gujarat compared to 5,900 bags on the previous day.
–NCDEX accredited warehouses jeera stocks dropped by 253 tonnes to 2677 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 176.8 Rupees to end at 19323.2 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
