Jeera Benefits From Low-Level Purchases

Jeera prices experienced a notable recovery, rising 2.61% to close at 37,900, propelled by low-level purchasing after a recent decline ascribed to increased production forecasts in Gujarat and Rajasthan. Prices had initially been pressured by the possibility of aggressive seeding for Jeera in Gujarat, slow exports, and a spike in production. But renewed purchasing at cheaper prices is what’s responsible for the latest price increase.

Gujarat’s Jeera planting operations have grown significantly; a startling rise of around 103% has been documented, reaching 530,030 hectares as opposed to 261,635 hectares during the same period in 2022. The entire area of 6.32 lakh hectares, which is the sowing area for cumin, has also increased by 13% in Rajasthan.

Since Turkish and Syrian jeera are less expensive than Indian jeera, there is less of a demand for Indian jeera throughout the world. In the current pricing climate, exporters may encounter difficulties even though Indian Jeera rates are competitive in the worldwide market. With a total of 6,228.01 tons, Jeera exports fell by 13.39% month over month and 46.77% year over year in October 2023.

Prices of Jeera finished at 38,500.9 Rupees, indicating a gain of 0.55%, in Unjha, a significant spot market. From a technical perspective, open interest dropped by 0.38% to settle at 3,126, indicating that the market is seeing short covering. Jeera’s support is at 36,970; a breach there could take it to 36,030 levels. Resistance is at 38,630; a breakthrough over may take it to 39,350.

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