MCX Crude Oil may trade between 5319-5643 levels
MCX Natural Gas likely to move in a range of 237.4-252.6
MCX Copper likely to move in a range of 454.1-466.7
MCX Zinc under long liquidation
MCX Nickel likely to move in a range of 928.6-968.2
Technically Jeera market is under long liquidation as market has witnessed drop in open interest by 2.21% to settled at 5982 while prices down 15 rupees.
Now NCDEX Jeera is getting support at 19210 and below same could see a test of 19005 level, And resistance is now likely to be seen at 19580, a move above could see prices testing 19745.
Jeera on NCDEX settled down by 0.08% at 19420 as fresh selling witnessed amid increased arrivals and good stocks. India’s jeera exports have been on a rise as the country has become the sole supplier of the commodity in the world market.
Jeera from Turkey is expensive as it is offering jeera at $3,200 per ton, the costliest as of now. Export of jeera surged 74.03% to 12,299 tons in the month of July, compared to 7,067 tons in the same period a year ago.
Meanwhile, jeera arrivals in Unjha mandi, Gujarat, was 7,160 bags, compared to 5,282 bags. In the physical market, stockists have started to clear their stocks before the new sowing season starts in next two months.
According to India Meteorological Department, the state received 484.6 mm of rains so far, 28% below the normal weighted average of 672.7 mm. Jeera buying in the spot market is sluggish as traders are not ready to buy produce at higher prices.
Jeera arrivals of 3,258 bags were seen in Unjha mandi, Gujarat compared to 2,052 bags. 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. In Unjha, a key spot market in Gujarat, jeera edged down by 42.85 Rupees to end at 19500 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 19005-19745.
–Jeera prices dropped as fresh selling witnessed amid increased arrivals and good stocks.
–Jeera from Turkey is expensive as it is offering jeera at $3,200 per ton, the costliest as of now.
–NCDEX accredited warehouses jeera stocks dropped by 27 tonnes to 2319 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 42.85 Rupees to end at 19500 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
