MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
MCX Cardamom likely to move in a range of 1357.6-1368
Natural Gas market under long liquidation
Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 1.63% to settled at 5982 while prices up 470 rupees.
Now NCDEX Jeera is getting support at 19683 and below same could see a test of 19412 level, And resistance is now likely to be seen at 20113, a move above could see prices testing 20272.
Jeera on NCDEX settled up 2.41% at 19955 amid improved physical domestic and exports demands from China and Bangladesh. However, good stocks and higher prices in the domestic market may dent export prospects.
During monsoon season, Jeera producing districts of Gujarat received scanty rains, which will affect its production in next season. The prevailing water crisis may curtail jeera sowing by about 25% from last year’s 7.80 lakh ha.
According to Commerce ministry data, exports in July surged 70.3% on year to 13,039 tonnes while for Apr-Jul period, exports were high by 76% at 88,885 tonnes compared to last year export volume.
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. Jeera supply from last year up by 100% due to increased production current year. Currently, all India stocks reported around 25 – 27 lakh bags.
Trading Ideas:
–Jeera trading range for the day is 19410-20270.
–Jeera prices ended with gains amid improved physical domestic and exports demands from China and Bangladesh.
–However, good stocks and higher prices in the domestic market may dent export prospects.
–NCDEX accredited warehouses jeera stocks dropped by 109 tonnes to 2331 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 288.1 Rupees to end at 19721.45 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
