MCX Jeera expected to trade 18290-19710 levels

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Jeera settled up by 1% at 19190 on account of subdued demand at the physical markets. Further, expectation of lower arrivals as monsoon hit most parts of Gujarat, capped some losses. India’s 2015-16 jeera export fell to 98,700 ton from 155,500 ton a year ago but during the current fiscal year exports have grown up sharply due to keen buying by China.

As per third advance estimate of Gujarat State for 2015-16, production is pegged at 213,000 ton up by nearly 7% from a year ago. In Rajasthan, jeera output expected to be lower this year, compared to last year due to hot weather and lower acreage. Meantime, new crop supplies have started in Turkey and it may impact Indian jeera demand in the global market.

However, traders said that there uncertainties export from Turkey due to political reason. Exporters reported active in the domestic market. Export demand reported as compared to last year in the spot market due to good quality supply.

During the week period Jeera export reports 2348 tonnes. Reduced stock for domestic consumption coupled with strong export outlook for 2016-17 has pushed jeera prices up in the domestic market. Good demand from China coupled with availability of quality produce has pushed jeera (cumin) exports by almost 181 per cent during the first quarter of this fiscal. Export demand in June gradually declined because of dull demand from Gulf countries due to Ramadan. In Unjha, a key spot market in Gujrat, jeera edged down by -34.9 rupees to end at 13432.35 rupee per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 18290-19710.
–Jeera dropped on account of subdued demand at the physical markets.
–Meantime, new crop supplies have started in Turkey and it may impact Indian jeera demand in the global market.
–NCDEX accredited warehouses jeera stocks gained by 316 tonnes to 4400 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -92.95 rupees to end at 18591.65 rupee per 100 kg.

Courtesy: Kedia Commodities

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