NCDEX Jeera likely to move in a range of 17445-18245

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Jeera on NCDEX settled up 1.53% at 17940 on account of rising domestic as well as exports demand at the spot market. Though, some gains were capped on reports of sufficient supplies and good crop production in next year. Last week jeera prices have recovered due to reports of dwindling physical supplies and slow start to the new season sowing in Gujarat and Rajasthan. Earlier, pickup in physical demand and expecting dwindling supplies in the physical market pushed the prices.

Good sowing prospects for jeera in Gujarat and Rajasthan are pressurizing the prices as the sowing season is about to commenced. According to the trade sources, jeera exports may have raise by 29% to 58,000 tonnes in Apr-Aug compared to last year figure of 45,000 tonnes. According Department of commerce data, the exports of Jeera in the first five months (Apr-Aug) of 2016-17 is at 60,907 tonnes, higher by 62% compared to last year same time.

The exports of jeera during August 2016 increase 65% m/m to 9,003 tonnes while there is also increase exports y/y by 65.7%. At Jodhpur(Raj.) market in Jodhpur, total arrivals are at 250 quintals, higher by 200 quintals as compared to previous day. At New Delhi market estimated market supply was at 4000 quintals, lower by 1000 quintals from previous trading day.

At Nagaur(Raj.) market in Nagaur, arrivals were reported at 150 quintals, steady as against previous dayn#39;s arrival. Technically market is under fresh buying as market has witnessed gain in open interest by 8.03% to settled at 7347 while prices up 270 rupee, now Jeera is getting support at 17693 and below same could see a test of 17447 level, and resistance is now likely to be seen at 18093, a move above could see prices testing 18247.

Trading Ideas:
–Jeera trading range for the day is 17445-18245.
–Jeera prices gained on account of rising domestic as well as exports demand at the spot market.
–Prices also seen supported due to reports of dwindling physical supplies and slow start to the new season sowing in Gujarat and Rajasthan.
–NCDEX accredited warehouses jeera stocks dropped by 22 tonnes to 1475 tonnes.
–In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 17466.65 rupee per 100 kg.

Courtesy: Kedia Commodities

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