Fresh buying seen in NCDEX Jeera

0
356

Jeera on NCDEX settled up by 2.74% at 18190 on expectation of fresh export enquiries from Bangladesh and China. However upside was limited as the sowing is in full swing in the major producing belts of Gujarat and Rajasthan. In Gujarat, Jeera sowing completed in around 99,100 hectares as compared to last year acreage of 17,400 hectares. India’s jeera exports rose 36% on year to 73,000 tn in Apr-Oct as demand from overseas buyers was robust and output in other significant exporting nations dried up.

The country had exported 53,800 tn of the commodity in the same period last year, according to Spices Board India. Traders pegged jeera exports in November to be around 7,000-8,000 tn. Indian-origin jeera is being sold at around $2,400- $2,500 per tn, free on board, in international markets. Exports have remained unaffected despite domestic demand taking a hit after the government withdrew currency notes of higher denominations.

Exporters see jeera exports in 2016-17 (Apr-Mar) rising to around 100,000-120,000 tn from 98,700 tn reported by Spices Board India last year. Syria, Turkey and China are the other major producers of jeera globally, but geopolitical uncertainties in Syria and lower output in the other two countries have left India being the key supplier in the global market. In Unjha, a key spot market in Gujarat, jeera edged down by -18.75 rupees to end at 18200 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 2.45% to settled at 7770 while prices up 485 rupee, now Jeera is getting support at 17740 and below same could see a test of 17290 level, and resistance is now likely to be seen at 18480, a move above could see prices testing 18770.

Trading Ideas:
–Jeera trading range for the day is 17290-18770.
–Jeera prices gained on expectation of fresh export enquiries from Bangladesh and China.
–In Gujarat, Jeera sowing completed in around 99,100 hectares as compared to last year acreage of 17,400 hectares.
–NCDEX accredited warehouses jeera stocks dropped by 524 tonnes to 219 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -18.75 rupees to end at 18200 rupee per 100 kg.

Courtesy: Kedia Commodities

LEAVE A REPLY

Please enter your comment!
Please enter your name here