MCX Crude Oil expected to trade in a range between 5152-5304
MCX Silver likely to trade in a range between 37558-38450
MCX Nickel likely to move in a range of 907.9-952.9
MCX Aluminium may trade between 146.2-151.4 levels
MCX Menthol Oil likely to move in a range of 1603.7-1679.5
Technically Jeera market is under short covering as market has witnessed drop in open interest by 4.08% to settled at 6768 while prices up 40 rupees.
Now NCDEX Jeera is getting support at 18965 and below same could see a test of 18885 level, And resistance is now likely to be seen at 19130, a move above could see prices testing 19215.
Jeera on NCDEX settled up by 0.21% at 19045 due to improved buying amid strong physical domestic and exports demands from China and Bangladesh. Rise in export demand kept jeera prices supportive while abundant arrivals capped prices.
Jeera exports surged by 74.03% to 12,299.33 tons in the month of July compared 7,067.27 tons in the same period a year ago, according to Ministry of Commerce data. Jeera arrivals of 3,661 bags were seen in Unjha mandi, Gujarat compared to 2,972 bags on the previous day.
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Moreover, Jeera acreage is expected to rise to 500,000 hectare in the crop year 2018-19, Government official said. As per trade information, crop damaged reported in Syria and Turkey due to heavy rainfall in 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.
India jeera crop is projected for bumper harvest thanks to higher acreage and favorable weather conditions.
The Federation of Indian Spices Stakeholders (FISS) — a trade body — projected India’s 2017-18 jeera output at 6.92 million bags, up 19% on year on back of higher acreage and favourable weather.In Unjha, a key spot market in Gujarat, jeera edged up by 80.95 Rupees to end at 19405 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18885-19215.
–Jeera prices gained due to improved buying amid strong physical domestic and exports demands from China and Bangladesh.
–Jeera arrivals of 3,661 bags were seen in Unjha mandi, Gujarat compared to 2,972 bags on the previous day.
–NCDEX accredited warehouses jeera stocks dropped by 102 tonnes to 2575 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 80.95 Rupees to end at 19405 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
