NCDEX Jeera likely to move in a range of 19100-19720

Jeera is getting support at 19220 and below same could see a test of 19100 level, And resistance is now likely to be seen at 19530, a move above could see prices testing 19720.

Jeera on NCDEX settled down by 1.55% at 19340 as farmers in Gujarat are keen to sow jeera crop in the coming days due to higher prices. However, 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.

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.

The highest export volume was recorded at 1.55 lakh tonnes in 2014. Jeera arrivals in the domestic mandis this year during JulyOctober were higher as compare to last year. The high arrivals can be attributed to higher prices this season compared with last season, coupled with higher production during last year.

As per the Ministry of Agriculture, Cumin production in India for 2017-18 is estimated at 5 lakh tonnes as against 4.95 lakh tonnes in 2016-17.

According to the 4th advance estimate for Gujarat state,2017-18 production is estimated at 2.88 lakh tonnes, up by 45.5 per cent primarily on higher acreage and favourable climate. In Unjha, a key spot market in Gujarat, jeera edged down by -61.7 Rupees to end at 19891.65 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 19100-19720.
–Jeera prices dropped as farmers in Gujarat are keen to sow jeera crop in the coming days due to higher prices.
–The high arrivals can be attributed to higher prices this season compared with last season, coupled with higher production during last year.
–NCDEX accredited warehouses jeera stocks dropped by 272 tonnes to 2799 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 61.7 Rupees to end at 19891.65 Rupees per 100 kg.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *