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Technically NCDEX Jeera is getting support at 17070 and below same could see a test of 16940 level, And resistance is now likely to be seen at 17300, a move above could see prices testing 17400.
Jeera on NCDEX settled up by 0.94% at 17205 amid lower output prospect due to fall in sowing area. Jeera sowing in Gujarat fell to 345,443 hectare from 382,599 hectare in the similar period a year ago, according to State Agriculture Department.
Cumin acreage improves in Gujarat on reports of water irrigation facility for rabi crops by government of the State. 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. 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.
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. In Unjha, a key spot market in Gujarat, jeera edged down by 59.85 Rupees to end at 18114.3 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 16940-17400.
–Jeera prices gained amid lower output prospect due to fall in sowing area.
–Jeera sowing in Gujarat fell to 345,443 hectare from 382,599 hectare in the similar period a year ago, according to State Agriculture Department.
–NCDEX accredited warehouses jeera stocks dropped by 149 tonnes to 625 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged down by 59.85 Rupees to end at 18114.3 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
