Jeera likely to move in a range of 16215-16625

NCDEX Jeera is getting support at 16320 and below same could see a test of 16215 level, And resistance is now likely to be seen at 16525, a move above could see prices testing 16625.

Jeera on NCDEX settled up by 0.15% at 16425 as demand for good quality new crop is gradually picking up. The fall in output in Syria and Turkey on account of loss of quality due to weather adversities will possibly make India the sole supplier in the international market.

Currently, there are heavy arrivals of jeera in physical market but the demand is also good from the bulk buyers and exporters. During the second half of March, 23,800 tonnes of jeera arrived in physical market across the country compared to 18,500 last year.

India’s cumin seed (jeera) output is set to touch 4,16,000 tons for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan. Exports of jeera is up 20.8% on year in January at 9,429 tonnes compared to 7,800 tn last year while for Apr-Jan period exports are up 24.75% at 1.46 lt, compared to last year, according to DGCIS.

Amid increased production and a carryover stock of about 27,500 tons, the trade has set its eyes on the crop from international suppliers such as Turkey and Syria for a price guidance. Currently, standing crop conditions are good in major growing regions due to extended winter.

Increasing supply reported during February as new crop supply slowly entered to the market. At Unjha market, new crop enter to the market with moisture percentage reported around 5 to 10%.In Unjha, a key spot market in Gujarat, jeera edged up by 32.7 Rupees to end at 16525 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 16215-16625.
–Jeera prices ended with gains as demand for good quality new crop is gradually picking up.
–However, Jeera arrivals reported down by 72% compared to corresponding period of last year 314,700 bags due to delayed sowing.
–The fall in output in Syria and Turkey on account of loss of quality due to weather adversities will possibly make India the sole supplier.
In Unjha, a key spot market in Gujarat, jeera edged up by 32.7 Rupees to end at 16525 Rupees per 100 kg.

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