Jeera likely to move in a range of 15185-15655

Technically NCDEX Jeera is getting support at 15315 and below same could see a test of 15185 level, And resistance is now likely to be seen at 15550, a move above could see prices testing 15655.

Jeera on NCDEX settled down by 0.23% at 15440 as new season jeera new season jeera hitting the market. Though state government has projected a decline in jeera crop in Gujarat due to lower acreage, traders are optimistic of higher output because of adequate availability of water.

Besides, lower export demand in the physical market also triggered the downtrend. According to 1st Adv est. by Agriculture Ministry, cumin output may be higher by 10% on year to 7.56 lakh tonne.

In the 2nd advance estimate, cumin production in Gujarat is forecasted down by 25% on year at 2.23 lakh tonnes for 2018/19 crop. Area under cumin in the state is pegged at 3.48 lakh ha as on 4-Feb, down 9.1% on year but higher by 8.75% than normal area as per govt data.

In the 2nd advance estimate, cumin production in Gujarat is forecasted down by 25% on year at 2.23 lakh tonnes for 2018/19 crop. Area under cumin in the state is pegged at 3.48 lakh ha, down 9.1% on year but higher by 8.75% than normal area as per govt data.

The new jeera crop, which started coming into the benchmark Unjha market of Gujarat from last week, is being sold 23% lower from last year.

The country’s jeera output is expected to be more or less the same as last year, though initially it was expected to be 20-25% lower from the previous year. In Unjha, a key spot market in Gujarat, jeera edged up by 91.4 Rupees to end at 16356.8 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 15185-15655.
–Jeera prices dropped as new season jeera new season jeera hitting the market.
–Though state government has projected a decline in jeera crop in Gujarat due to lower acreage, traders are optimistic of higher output.
–Jeera output is expected to be more or less the same as last year, though initially it was expected to be 20-25% lower from the previous year.
–In Unjha, a key spot market in Gujarat, jeera edged up by 91.4 Rupees to end at 16356.8 Rupees per 100 kg.

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