Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 0.23% to settled at 1314 while prices up 25 rupees.
Now NCDEX Jeera is getting support at 13145 and below same could see a test of 13095 levels, and resistance is now likely to be seen at 13240, a move above could see prices testing 13285.
Jeera yesterday settled up by 0.19% at 13195 as support seen after update sowing in Gujarat fall nearly 4% with 468,948.00 hectares against sown area of 2020-21 which was 486,770.00 lakh hectares in 2019-20. Prices also gains due to constraints in supply as the end of season approaches.
Support was also seen from the export side as exporters switched to Indian cumin seed this time. Demand for Indian Cumin has improved from UAE and Vietnam in recent months.
Acreage under Jeera in leading producing state of Gujarat was at 4.64 lakh hectares (lh), marking a jump of around 11% compared to the same time last year which may not allow any significant price appreciation of cumin in coming weeks.
Some support seen as a statement from the Spices Board said the export of spices, which had fetched ?12,273.81 crores 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.
Cues coming from spot market of improved demand from domestic stockiest as a recovery of demand during the festive season on the eve of makar Sankranti and Ramjan toward January to mid-may can be seen which also supported prices. In Unjha, a key spot market in Gujarat, jeera edged down by 40.6 Rupees to end at 13072.2 Rupees per 100 kg.
–Jeera trading range for the day is 13095-13285.
–Jeera gains as support seen after update sowing in Gujarat fall nearly -4% with 468,948.00 hectares against sown area of 2020-21
–Jeera prices gained due to constraints in supply as the end of season approaches.
–Demand for Indian Cumin has improved from UAE and Vietnam in recent months.
–In Unjha, a key spot market in Gujarat, jeera edged down by 40.6 Rupees to end at 13072.2 Rupees per 100 kg.