Jeera may trade between 18875-19115 levels

Jeera is getting support at 18930 and below same could see a test of 18875 level, And resistance is now likely to be seen at 19050, a move above could see prices testing 19115.

Jeera on NCDEX settled up by 0.64% at 18990 tracking firmness in spot demand amid deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch may lower the acreage. According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather.

However, if the producing states receive good irrigation facilities through dams then the sowing area could see an increase.  Meanwhile, jeera arrivals in Unjha mandi, Gujarat were 4,061 bags (20 Kg/bag), compared to 3,102 bags.

Jeera sowing in Gujarat fell to 44,200 hectares from 130,100 hectares a year ago due to lack of water, state government data showed. Sowing is likely to pickup in the coming weeks. However, there are doubts of any increase in acreage due to dry weather.

Moreover, concern that standing cumin crops might get affected amid scanty rainfalls also supported upward trend in prices. Deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch may lower the acreage.

According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather.

According to the market estimates, India has already exported around 1.25 lakh tonnes of jeera so far this year and there is a possibility of it touching a record 1.75 lakh tonnes by the end of this fiscal year. In Unjha, a key spot market in Gujarat, jeera edged up by 32.65 Rupees to end at 19324.05 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 18875-19115.
–Jeera gained tracking firmness in spot demand amid deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch may lower the acreage.
–According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather.
–NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 2122 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 32.65 Rupees to end at 19324.05 Rupees per 100 kg.

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