Resistance seen at 18095 for NCDEX Jeera

0
326

Jeera on NCDEX settled down by -1.51% at 17920 amid good sowing prospects for jeera in Gujarat and Rajasthan as the sowing season is about to commence. In the global market, jeera production is expected to witness a decline in other major producing countries such as Syria and Turkey. India imported around 2,550 ton jeera during Apr-Oct 28 as against negligible in the previous year. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16.

As per market source, India is likely to export 40,000-45,000 ton more jeera in coming months. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. However, it is much lower than 2013-14 output when the state produced 346,000 ton jeera. According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of 2016-17 is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year’s export volume due to good demand from China and Bangladesh.

At Anandpur Kalu(Raj.) sources reported arrivals at 5000 quintals, down by 2000 quintals from previous day’s arrivals. In Unjha, a key spot market in Gujarat, jeera edged down by -131.25 rupees to end at 18218.75 rupee per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 6.61% to settled at 8472, now Jeera is getting support at 17785 and below same could see a test of 17655 level, and resistance is now likely to be seen at 18095, a move above could see prices testing 18275.

Trading Ideas:
–Jeera trading range for the day is 17655-18275.

–Jeera prices dropped amid good sowing prospects for jeera in Gujarat and Rajasthan as the sowing season is about to commence.

–Sowing of jeera for rabi season has started in slower pace and is expected to pickup intensely in the coming days.

–NCDEX accredited warehouses jeera stocks dropped by 72 tonnes to 1310 tonnes.

–In Unjha, a key spot market in Gujarat, jeera edged down by -131.25 rupees to end at 18218.75 rupee per 100 kg

Courtesy: Kedia Commodities

LEAVE A REPLY

Please enter your comment!
Please enter your name here