Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 0.21% to settled at 9954 while prices up 215 rupees.
Now NCDEX Jeera is getting support at 16280 and below same could see a test of 16085 levels, and resistance is now likely to be seen at 16605, a move above could see prices testing 16735.
Jeera yesterday settled up by 1.32% at 16475 as domestic demand is now picking up also the export inquiries to support price. However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
Jeera production in Syria and Turkey was limited due to bad weather, which increases demand for Indian cumin. As of now Exports of Jeera for Apr-Aug was down by 12% Y/Y at 1.24 lakh tonnes but expected improve in coming months as Rupee weakness will support exports.
During last two months, the prices were higher compared to last year despite sufficient stocks with traders. Sowing can see drop as farmers preferred to have other crop against Jeera. Weather in key sowing area will be crucial in next few months.
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.
Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year. In Unjha, a key spot market in Gujarat, jeera edged up by 4.35 Rupees to end at 16073.1 Rupees per 100 kg.
–Jeera trading range for the day is 16085-16735.
–Jeera gained as domestic demand is now picking up also the export inquiries to support price.
–However upside seen limited as adequate stock with traders and farmers may keeping prices under pressure at higher levels.
–India’s cumin exports will increase due to less supply from Afghanistan-Syrian
–In Unjha, a key spot market in Gujarat, jeera edged up by 4.35 Rupees to end at 16073.1 Rupees per 100 kg.