Technically Jeera market is under short covering as market has witnessed drop in open interest by 0.41% to settled at 5883 while prices up 120 rupees.
Now NCDEX Jeera is getting support at 14725 and below same could see a test of 14610 levels, and resistance is now likely to be seen at 14950, a move above could see prices testing 15060.
Jeera yesterday settled up by 0.81% at 14845 as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. However upside seen limited as adequate stock with traders and farmers may keep prices under pressure at higher levels.
With the forecast of normal rains in the western region during September to November, the sowing of cumin seeds in Gujarat and Rajasthan may increase. In 2021 (January-June), the country has exported more than 1.50 lakh tonnes of cumin as compared to 1.3 lakh tonnes in the same period last year.
Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year. With Gujarat and Rajasthan being the only producers of cumin in the country, the most impact of Skymet’s forecast is visible on the cumin market.
The export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. However, the freight of container-vessels has increased and the shortage of containers is increasing continuously. In Unjha, a key spot market in Gujarat, jeera edged up by 52.6 Rupees to end at 14575 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 14610-15060.
–Jeera gained as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin
–India’s cumin exports will increase due to less supply from Afghanistan-Syrian
–Export of cumin is expected to reach a record level of 2.50 to 2.75 lakh tonnes in the current year
–In Unjha, a key spot market in Gujarat, jeera edged up by 52.6 Rupees to end at 14575 Rupees per 100 kg.