MCX Nickel may trade between 806.5-864.5 levels
MCX Aluminium under fresh selling; Support seen at 141.7
Zinc market under long liquidation; Support seen at 183.3
Copper market under fresh selling; Support seen at 428
MCX Menthol Oil under short covering
Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 19.36% to settled at 5844 while prices down 310 rupees.
Now NCDEX Jeera is getting support at 20593 and below same could see a test of 20427 level, And resistance is now likely to be seen at 21013, a move above could see prices testing 21267.
Jeera dropped on profit booking after prices gained amid lack of arrivals and reports of lower sowing this season. Jeera sowing has commenced in Gujarat and has been planted on 36,600 hectares, showed Gujarat state agriculture data.
However, as per reports the carry over stock of cumin was lowered to 200,000 – 300,000 bags from expected stock of 500,000 bags this season. Traders are expecting higher sowing this year because of prevailing high prices but lack of rains may impact yield.
Moreover, participants are expecting lower jeera sowing this year as moisture in the soil is not sufficient to grow the produce because of deficient rainfall in major producing regions. Meanwhile, carryover stock of jeera was lowered to 200,000-300,000 bags from expected stock of 500,000 bags this season.
Sowing was expected to be higher due to prevailing high prices but lower rains in producing areas of both the states may impact the yield and overall output. Gujarat and Rajasthan are facing water shortage due to erratic monsoon rains.
Moreover, carryover stocks are seen lower at 200,000-300,000 bags less than the desirable 500,000 bags of 55 kg each. India’s jeera exports have reached nearly to 130,000 tons until September during the current fiscal. 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.
Trading Ideas:
–Jeera trading range for the day is 20425-21265.
–Jeera dropped on profit booking after prices gained amid lack of arrivals and reports of lower sowing this season.
–Jeera sowing has commenced in Gujarat and has been planted on 36,600 hectares, showed Gujarat state agriculture data.
–NCDEX accredited warehouses jeera stocks dropped by 78 tonnes to 2836 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 110 Rupees to end at 20430 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
