Now NCDEX Jeera is getting support at 14165 and below same could see a test of 13920 levels, and resistance is now likely to be seen at 14675, a move above could see prices testing 14940.
Jeera yesterday settled up by 1.62% at 14415 as support seen after FAO of United Nations raised the threat, another locust attack likely in Gujarat and Rajasthan.However upside seen limited as production of jeera may rise 29% to 535,500 tn in the 2019-20.
Jeera exports are likely to have slumped over 59% on year to 20,000 tn in Jan-Mar as the coronavirus pandemic hit demand in key markets such as China. India was at an advantage in terms of exports due to lower production in Syria and Turkey–its main competitors.
During Apr-Dec, exports had grown 27% to 167,000 tn, data from the Spices Board India showed.
Despite a peak demand period, the operations of spices industry in many upcountry markets have been hit in the wake of a labour shortage.
Though the industry has to work in full swing prior to the onset of monsoon, their presence in the red zone area coupled with the departure of labour has affected the functioning of many spices industries especially in Maharashtra, Madhya Pradesh, Rajasthan, Delhi.
Trading Ideas:
–Jeera trading range for the day is 13920-14940.
–Jeera prices gained as support seen after FAO of United Nations raised the threat, another locust attack likely in Gujarat and Rajasthan.
–However upside seen limited as production of jeera may rise 29% to 535,500 tn in the 2019-20.
–Despite a peak demand period, the operations of spices industry in many upcountry markets have been hit in the wake of a labour shortage.
–In Unjha, a key spot market in Gujarat, jeera edged up by 35.55 Rupees to end at 13910.55 Rupees per 100 kg.