Jeera profited from impulse purchases

Jeera prices had a 0.5% increase, culminating at 45830, propelled by low-level purchasing after a recent decline in value. It is anticipated that excellent weather and sufficient soil moisture will increase total jeera sowing activity. Due to the recent price decline, stockists are exhibiting a desire to purchase, which is leading to short covering.

However, due to rising prices in India, customers are choosing alternative locations like Syria and Turkey, which has resulted in a decline in the market for Indian jeera globally. Indian jeera prices are still competitive on a worldwide scale, according to export seasonality. However, exporters are facing difficulties as a result of the state of the market, which could limit export activity in the upcoming weeks.

Comparing April–September 2023 to the same period in 2022, jeera exports decreased by 29.79% to 76,969.88 tons. The quantity of jeera exported in September 2023 was 7,190.83 tons, indicating a decline of 11.02% from August 2023 and a noteworthy 60.27% from September 2022. The final price of jeera in Unjha’s main spot market was 46723.7 Rupees, up 0.24%.

The jeera market is technically experiencing short covering, as seen by the -8.26% decline in open interest that led to a settlement of 3666. There was a 230 rupee price hike. Resistance is probably around 46740, with a move above potentially leading to a test of 47660. Support is located at 45160, which might test 44500 if broken.

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