The performance of the Jeera market recently indicates a complicated interaction between supply-side dynamics, worldwide demand patterns, and technical indications that affect price changes.
Jeera prices saw a significant 1.02% climb yesterday, closing at 24365, spurred by moderate purchasing following a prior decrease associated with forecasts of stronger production during the current rabi season in important cultivating regions like Gujarat and Rajasthan.
Interestingly, the area used for Jeera cultivation increased by 160% in Gujarat, above average, and by 25% in Rajasthan, indicating that production prospects were still strong despite obstacles like reduced water supply and worries about crop diseases.
Furthermore, short covering is indicated by technical analysis, with a -6.69% drop in open interest coinciding with a 245 rupee price increase.
