NCDEX Jeera may trade between 18945-19625 levels

NCDEX Jeera is getting support at 19160 and below same could see a test of 18945 level, And resistance is now likely to be seen at 19500, a move above could see prices testing 19625.

Jeera on NCDEX settled down by 0.03% at 19375 due to abundant supply while the export demand is seen lower. 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. 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.

As per Gujarat state govt. data, Jeera progressive area of Rabi 2018-19, 18,400 hectares as compared to previous Rabi season 59,400 hectares, 6% completed from normal area 318,900 hectares.

Current year sowing reported slow due to lower rainfall. In Unjha, a key spot market in Gujarat, jeera edged down by 192.3 Rupees to end at 19607.7 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 18945-19625.
–Jeera settled down due to abundant supply while the export demand is seen lower.
–Meanwhile, jeera arrivals in Unjha mandi, Gujarat were 4,061 bags, compared to 3,102 bags.
–NCDEX accredited warehouses jeera stocks dropped by 24 tonnes to 2194 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 192.3 Rupees to end at 19607.7 Rupees per 100 kg.

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