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Technically NCDEX Jeera is getting support at 16910 and below same could see a test of 16780 level, And resistance is now likely to be seen at 17260, a move above could see prices testing 17480.
Jeera on NCDEX settled down by 0.06% at 17040 on profit booking after prices gained on reports of deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch. Area under the spice, in key growing state, Gujarat stood at 347,539 hectares, down from 382,632 hectares a year ago, data from Directorate of Agriculture Gujarat showed.
Normal acreage for jeera in the state is 318,926 hectares. The condition of jeera crop will also be major factor to watch for because the cumin crop faces severe weed competition at all stages of crop growth due to its slow maturation, reports said.
Further, weather conditions are not so favorable for the crop development. Cumin acreage improves in Gujarat on reports of providing water in canal for irrigation for rabi crop by govt of Gujarat.
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As per data release by Agriculture Department of Gujarat, area under cumin in the state is pegged at 3.45 lakh ha, down 10% on year. Acc. to Commerce Ministry, exports of jeera is down 5% on year in October at 9,025 tonnes compared to 10,458 tn last year but jeera exports in 2018/19 (Apr-Oct) 1.2 lt, up 32.8% compared to exports last year.
According to the trade sources, farmers in Gujarat are keen to sow jeera crop in the coming days due to higher prices. According to the initial trade estimate, there may not be any increase in the sowing area of jeera because of dry weather. In Unjha, a key spot market in Gujarat, jeera edged up by 19.05 Rupees to end at 18285.7 Rupees per 100 kg.
Trading Ideas:
–Jeera trading range for the day is 16780-17480.
–Jeera dropped on profit booking after prices gained on reports of deficient rainfall in key producing region of Gujarat like Saurashtra and Kutch.
–Area under the spice, in key growing state, Gujarat stood at 347,539 hectares, down from 382,632 hectares a year ago
–NCDEX accredited warehouses jeera stocks dropped by 30 tonnes to 556 tonnes.
–In Unjha, a key spot market in Gujarat, jeera edged up by 19.05 Rupees to end at 18285.7 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
