Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 1.38% to settled at while prices down 220 rupees.
Now NCDEX Jeera is getting support at 12440 and below same could see a test of 12345 levels, and resistance is now likely to be seen at 12690, a move above could see prices testing 12845.
Jeera yesterday settled down by 1.72% at 12535 closed at 6 year low as cumin sowing gained with 4,64,469 hectares as against 435,657 hectares of last year.
As the ongoing rabi sowing progress and overall demand in wholesale markets in steady with bulk buyers are looking at the prospect of a heay crop in current harvest, keeping the undertone in futures mostly weak over last one month or so.
The latest data showed that acreage under Jeera in leading producing state of Gujarat was at 4.64 lakh hectates (lh) as on 29st December 2020, marking a jump of around 11% compared to the same time last year.
The latest sowing is also up 13.50% compared to the normal area of last three years. Meanwhile some support can be seen as statement from the Spices Board said export of spices, which had fetched ?12,273.81 crore in the first half of the current fiscal between April and September, had grown by 19 per cent compared to the corresponding period last year.
Also trader are expecting support in falling prices on the news that due to sever cold waves in north part of India there may be damage of crops due to frost (Pala) in jeera crop.
–Jeera trading range for the day is 12345-12845.
–Jeera prices dropped as cumin sowing gained with 4,64,469 hectares as against 435,657 hectares of last year.
–Demand from domestic stockists has also come down, as new crops are waiting for arrival in the market.
–The demand in retail markets is likely to soften a bit post Diwali festivities, keeping wholesale buying in check.
–In Unjha, a key spot market in Gujarat, jeera edged down by 132.3 Rupees to end at 13121.05 Rupees per 100 kg.