NCDEX Jeera may trade in range of 18905-19565

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Jeera on NCDEX settled down by -0.41% at 19200 on profit booking after prices gained on good demand in the physical market and lower arrivals as monsoon hit most parts of Gujarat. The arrivals may slow down as monsoon hit most parts of Gujarat. According to Dept of Commerce data, the exports of Jeera in the first month of 2016-17 increased by more than 50.7% at 13, 525 tonnes compared to last year same month.

Moreover, export of jeera during 2015-16 is 93,078 tonnes compared to 1.56 lt exported last year same period. As per 4th advance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt. Industrial buyers have already sourced sufficient quantity for the domestic requirements but the export demand may pickup due to good demand from China and other countries, as stock levels have been lower. In the next few months, the prices will depend on export demand.

At Gondal(Guj.) market in Rajkot(Guj.), estimated market supply was at 500 quintals, steady as against previous day’s arrival. At Rajkot market in Rajkot(Guj.), arrivals were reported at 530 quintal, up by 50 quintal from previous trading day. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -164.3 rupees to end at 19210.7 rupee per 100 kg. Technically now Jeera is getting support at 19050 and below same could see a test of 18905 level, and resistance is now likely to be seen at 19380, a move above could see prices testing 19565.

Trading Ideas:
–Jeera trading range for the day is 18905-19565.
–Jeera prices dropped on profit booking after prices gained on good demand in the physical market and lower arrivals.
–As per 4th advance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15.
–NCDEX accredited warehouses jeera stocks gained by 9 tonnes to 4952 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -164.3 rupees to end at 19210.7 rupee per 100 kg.

Courtesy: Kedia Commodities

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