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NCDEX Jeera under fresh buying; Resistance seen at 20200

Commodity Online 2018-08-09 14:02:57

Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 10.37% to settled at 7341 while prices up 115 rupees.

Now NCDEX Jeera is getting support at 20010 and below same could see a test of 19910 level, And resistance is now likely to be seen at 20200, a move above could see prices testing 20290.

Jeera on NCDEX settled up by 0.57% at 20115 tracking good physical and exports demands from China and Bangladesh. At present India is the lone supplier of jeera in the global market as supplies have dried from other producing Countries-Turkey and Syria.

India's cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. Jeera export during this fiscal may touch 175,000 ton level up from 143,670 ton jeera during 2017-18 on the back of week Indian rupee.

A trade body-The Federation of Indian Spices Stakeholders (FISS) - projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather.

India exported 143,670 ton jeera during 2017-18 up from 119,000 ton a year ago due to increased demand from China and Bangladesh. At Rajkot market in Rajkot(Guj.), estimated market supply was at 515 quintal, higher by 14 quintal from previous trading day.

India is expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar), primarily because supply from its competitors has taken a hit making it the sole supplier of the largely sought after spice, trade officials said.

In Unjha, a key spot market in Gujarat, jeera edged up by 32.4 Rupees to end at 19758.35 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 19910-20290.
--Jeera prices gained tracking good physical and exports demands from China and Bangladesh.
--India's cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower.
--NCDEX accredited warehouses jeera stocks dropped by 572 tonnes to 2509 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged up by 32.4 Rupees to end at 19758.35 Rupees per 100 kg.

Courtesy: Kedia Commodities