MCX Nickel under fresh buying; Resistance seen at 923.2
MCX Aluminium likely to move in a range of 148.1-155.7
MCX Menthol Oil under long liquidation; Support seen at 1660.6
Natural Gas market under fresh buying; Support seen at 222.2
MCX Cotton market under short covering
Technically NCDEX Jeera is getting support at 18810 and below same could see a test of 18690 level, And resistance is now likely to be seen at 19040, a move above could see prices testing 19150.
Jeera settled flat on profit booking after prices rose on the back of good demand for cumin from physical domestic and exports demands from China and Bangladesh. However, the gains remained trimmed due to higher availability of Jeera in physical market as stockists have started to clear their stocks before the new sowing season starts in next two months.
All India stocks are estimated around 2.5 million bags. Good rains and higher prices are likely to boost jeera sowing in the coming season. Further, Rajasthan is expected to sow jeera on 500,000 hectare in the crop year 2018-19 compared to 500,142 hectare in 2017-18, according to government official.
However, Jeera arrivals of 4,045 bags were seen today in Unjha mandi, Gujarat compared to 3,661 bags on the previous day. Jeera export during June jumped 55.7% to 21,404 ton on year. India exported nearly 75,242 ton jeera during April-June.
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.
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.
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 down by 109 Rupees to end at 19151.7 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 18690-19150.
–Jeera settled flat on profit booking after prices rose on the back of good demand for cumin from physical domestic and exports demands
–Good rains and higher prices are likely to boost jeera sowing in the coming season.
–NCDEX accredited warehouses jeera stocks gained by 54 tonnes to 2525 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 109 Rupees to end at 19151.7 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
