Commodity Trading Tips for Jeera by KediaCommodity

JeeraJeera August contract dropped Rs 48 and settled at Rs 15774 per quintal on the back of higher arrivals of the commodity in mandis. Further, rains in Gujarat had slight bearish impact on the market sentiments as demand got adversely affected on the hopes that the commodity may correct further. However, anticipation of rising export demand may prevent further downfall of the commodity in coming days. Any rains in Gujarat could affect the demand adversely in the short term leading to short term weakness in prices. Falling Dollar vs Re affecting exports making it costlier affecting sentiments adversely. Traders however anticipate demand to pick up at the lower levels. In Unjha mandi, during morning hours, 6000 bags arrival was seen and demand remained at ~6000 bags. In Unjha, a key spot market in Gujarat, jeera gained 5.9 rupees to end at 15691.2 rupees per 100 kg. The contract made intraday low of Rs 15705 a kg and high of Rs 15925 a kg. Support for jeera is at 15678 below that could see a test of 15581. Resistance is now seen at 15898 above that could see a resistance of 16021.

Trading Ideas:

Jeera trading range is 15581-16021.

Jeera dropped on the back of higher arrivals of the commodity in mandis.

Rains in Gujarat had slight bearish impact on the market sentiments as demand got adversely affected

NCDEX accredited warehouses jeera stocks gained by 228 tonnes to 11616 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 5.9 rupees to end at 15691.2 rupees per 100 kg.