Jeera may trade between 15690-16420

NCDEX Jeera is getting support at 15840 and below same could see a test of 15690 level, And resistance is now likely to be seen at 16205, a move above could see prices testing 16420.

Jeera on NCDEX settled down by 2.14% at 15990 due to positive crop prospects due to favourable weather conditions. Due to water shortage in parts of the growing regions of Gujarat, there will be some impact on the crop in the State.

But Rajasthan appears good. So, the overall crop condition appears fairly balanced. According to Spices Board data, India’s spices output for the year 2017-18 was estimated at about 5 lakh tonnes, including 2.91 lakh tonnes from Gujarat and 2.06 lakh tonnes from Rajasthan.

Trade estimates suggest about 10 per cent carry-over stock from the previous crop. The latest Gujarat government data has reported jeera sowing at 3.47 lakh hectares — about 10 per cent lower than last year’s sowing of 3.82 lakh hectares.

According to the projections made by farmers and traders, this year the jeera crop in Gujarat will be 10 per cent lower than last year, while in Rajasthan it will remain mostly unaffected. Apart from production estimates, the prices will also take a cue from the export market.

Spices Board data showed India exported 1.43 lakh tonnes of jeera in 2017-18. Acc. to Commerce Ministry, exports of jeera is down 5% on year in October at 9,025 tonnes compared to 10,458 tn last year but jeera exports in 2018/19 (Apr-Oct) 1.2 lt, up 32.8% compared to exports last year.  In Unjha, a key spot market in Gujarat, jeera edged down by 126.9 Rupees to end at 17511.55 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 15690-16420.
–Jeera prices dropped due to positive crop prospects due to favourable weather conditions.
–According to Spices Board data, India’s spices output for the year 2017-18 was estimated at about 5 lakh tonnes.
–NCDEX accredited warehouses jeera stocks dropped by 129 tonnes to 102 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 126.9 Rupees to end at 17511.55 Rupees per 100 kg.

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