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Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 9.31% to settled at 2184 while prices down 65 rupees.
Now NCDEX Jeera is getting support at 17090 and below same could see a test of 16985 level, And resistance is now likely to be seen at 17270, a move above could see prices testing 17345.
Jeera on NCDEX settled down by -0.38% at 17195 on good crops prospects after the promise of irrigation facilities by the Gujarat government and slowdown in exports. Jeera sowing stood at 321,363 hectares in Gujarat down from 369,561 hectares a year ago, according to state government data.
However, is higher than the normal area (three-year average) of 318,926 hectares. Lower temperature in growing regions of Gujarat and Rajasthan have pressured prices in recent weeks. According to the trade sources, farmers in Gujarat are keen to sow jeera crop in the coming days due to higher prices.
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However, deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch may lower the acreage. According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather.
However, if the producing states receive good irrigation facilities through dams then the sowing area could see an increase. Jeera arrivals in the domestic mandis this year during July-October were higher as compare to last year.
The high arrivals can be attributed to higher prices this season compared with last season, coupled with higher production during last year. As per the Ministry of Agriculture, Cumin production in India for 2017-18 is estimated at 5 lakh tonnes as against 4.95 lakh tonnes in 2016-17.
In Unjha, a key spot market in Gujarat, jeera edged down by 111.65 Rupees to end at 18280 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 16985-17345.
–Jeera prices dropped on good crops prospects after the promise of irrigation facilities by the Gujarat government and slowdown in exports.
–Jeera sowing stood at 321,363 hectares in Gujarat down from 369,561 hectares a year ago, according to state government data.
–NCDEX accredited warehouses jeera stocks gained by 345 tonnes to 1439 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by -111.65 Rupees to end at 18280 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
