NCDEX Chana under short covering; Support seen at 4258
MCX Cotton under short covering; Resistance seen at 20260
NCDEX Turmeric likely to move in range between 6202-6314
NCDEX Mustard may trade in range between 3883-3953
MCX Crude Palm Oil under short covering; Support seen at 564.3
Technically NCDEX Jeera is getting support at 15610 and below same could see a test of 15535 level, And resistance is now likely to be seen at 15760, a move above could see prices testing 15835.
Jeera on NCDEX settled up by 0.19% at 15690 on account of decline in crop in Gujarat due to lower acreage. However, lower export demand in the physical market, trimmed some gains. Though state government has projected a decline in jeera crop in Gujarat due to lower acreage, traders are optimistic of higher output because of adequate availability of water.
Besides, lower export demand in the physical market also triggered the downtrend. Commencement of fresh crop arrivals in key spot market of Unjha in Gujarat is putting downward pressure on prices. In the 2nd advance estimate, cumin production in Gujarat is forecasted down by 25% on year at 2.23 lakh tonnes for 2018/19 crop.
Area under cumin in the state is pegged at 3.48 lakh ha as on 4-Feb, down 9.1% on year but higher by 8.75% than normal area as per govt data. Exports of jeera is down 25.4% on year in November at 7,859 tonnes compared to 10,537 tn last year but jeera exports in 2018/19 (Apr-Dec) is 1.28 lt, up 26.7% compared to exports last year, acc. to Commerce Ministry.
The new jeera crop, which started coming into the benchmark Unjha market of Gujarat from last week, is being sold 23% lower from last year.
The country’s jeera output is expected to be more or less the same as last year, though initially it was expected to be 20-25% lower from the previous year. In Unjha, a key spot market in Gujarat, jeera edged up by 90 Rupees to end at 16725 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 15535-15835.
–Jeera prices gained on account of decline in crop in Gujarat due to lower acreage.
–Though state government has projected a decline in jeera crop in Gujarat due to lower acreage.
–Traders are optimistic of higher output because of adequate availability of water.
–In Unjha, a key spot market in Gujarat, jeera edged up by 90 Rupees to end at 16725 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
