Now NCDEX Jeera is getting support at 13145 and below same could see a test of 13015 levels, and resistance is now likely to be seen at 13390, a move above could see prices testing 13505.
Jeera yesterday settled up by 0.57% at 13270 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.
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.
Trading Ideas:
–Jeera trading range for the day is 13015-13505.
–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