Silver market under long liquidation; Support seen at 39109
MCX Gold may trade in a range between 31674-32238
NCDEX Chana under fresh buying; Support seen at 4302
MCX Cotton may trade between 20480-21220 levels
NCDEX Turmeric under fresh selling; Resistance seen at 6680
Technically NCDEX Jeera is getting support at 16900 and below same could see a test of 16750 level, And resistance is now likely to be seen at 17190, a move above could see prices testing 17330.
Jeera on NCDEX settled up by 0.5% at 17055 on short covering after prices dropped as sowing area is expected to improve this season due to favourable weather conditions. Cumin acreage improves in Gujarat on reports of water irrigation facility for rabi crops by government of the State.
Jeera prices dropped on good crops prospects after the promise of irrigation facilities by the Gujarat government and slowdown in exports. Jeera sowing stood at 321,363 hectares in Gujarat down from 369,561 hectares a year ago, according to state government data.
However, is higher than the normal area (three-year average) of 318,926 hectares. Lower temperature in growing regions of Gujarat and Rajasthan have pressured prices in recent weeks. According to the trade sources, farmers in Gujarat are keen to sow jeera crop in the coming days due to higher prices.
However, deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch may lower the acreage. 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 irrigation facilities through dams then the sowing area could see an increase. Jeera arrivals in the domestic mandis this year during July-October were higher as compare to last year.
The high arrivals can be attributed to higher prices this season compared with last season, coupled with higher production during last year. In Unjha, a key spot market in Gujarat, jeera edged up by 115.2 Rupees to end at 18174.15 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 16750-17330.
–Jeera gained on short covering after prices dropped as sowing area is expected to improve this season due to favourable weather conditions.
–Cumin acreage improves in Gujarat on reports of water irrigation facility for rabi crops by government of the State.
–NCDEX accredited warehouses jeera stocks dropped by 569 tonnes to 891 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 115.2 Rupees to end at 18174.15 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
