MCX Nickel may trade between 841-882.6 levels
MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Silver market under fresh selling; Support seen at 37884
Gold market under fresh selling; Support seen at 31673
Technically NCDEX Jeera is getting support at 20750 and below same could see a test of 20515 level, And resistance is now likely to be seen at 21125, a move above could see prices testing 21265.
Jeera on NCDEX settled up by 1.65% at 20980 amid concerns over production amid prevailing high temperature. 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. Jeera exports (both in seed and powdered form) down 20% on year in August 2018 to 11,324 tonnes (Vs 14,283).
However, jeera exports in 2018/19 (Apr-Aug) has crossed 1 lakh tonnes, up 54.8% compared to exports last year for same period as per data released by Commerce Ministry. Seasonally, the exports of Jeera dip during the 4th quarter of the calendar year.
However, those regions which have good irrigation facilities will have good output. According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather.
However, if the producing states receive good rains in November, then the sowing area could see an increase.The overseas demand for Indian jeera is expected to increase as the supply from other origins like Turkey and Syria are limited and of poor quality.
Although Indian jeera is priced higher in the global market, it is drawing more buyers because of superior quality. As per the Ministry of Agriculture, Cumin production in India for 2017-18 is estimated at 5 lakh tonnes as against 4.95 lakh tonnes in 2016-17. In Unjha, a key spot market in Gujarat, jeera edged up by 400 Rupees to end at 20003.45 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 20515-21265.
–Jeera prices gained amid concerns over production amid prevailing high temperature.
–Cumin production in India for 2017-18 is estimated at 5 lakh tonnes as against 4.95 lakh tonnes in 2016-17.
–NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 2690 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 400 Rupees to end at 20003.45 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
