Mumbai, April 6 Guarseed futures on NCDEX traded on a bullish note for the fourth consecutive day on consistent demand from China. While prices in Jodhpur spot markets shot up by Rs 30 to Rs 1,740 a quintal, it rose by Rs 40 to Rs 1,630 a quintal in Bikaner.
Traders bought aggressively to meet export demand from China. “In NCDEX futures April counter, immediate resistance is seen at Rs 1,850 and support is at Rs 1,690,” said Mr Tarun Satsangi, Assistant Vice-President, Bonanza Commodity Broker.
Encouraging demand and lack of good quality crop drove jeera prices higher in the spot market as supply was low. Jeera crop this year may fall 15 per cent compared with last year due to adverse weather during the harvest season, according to trade sources. “In NCDEX April futures, immediate resistance is seen at Rs 13,112 and support is at Rs 12,370,” he said.
Metals, steel
Base metals traded mostly on the higher side, tracking the improved optimism after the G-20 summit. London Metal Exchange data indicate a negative trend for zinc, positive for nickel and mixed for others. Interestingly, cancelled warrants for copper doubled today, indicating more metal earmarked for delivery. Equity markets’ performance will be crucial to watch for and profit-booking cannot be ruled out, said an analyst. Steel prices declined amid contract rollover from April to May. Overall outlook remains positive due to recovery in demand.
Index for Industrial Production numbers will be crucial to watch for this week. Crude oil prices rose as dollar remained weak against other major currencies. The weaker dollar increases the appeal of commodities as investment avenue.
Source : Business Line