Commodity Trading Tips for Jeera by Kedia Commodity

Ajay Kumar Kedia 2 August 2013

Jeera Jeera yesterday settled up 0.08% at 13170 on export demand while some improvement in domestic buying also aided the upside. Overseas demand may support prices at lower levels. The trend remains positive due to lack of shipping from Syria and Turkey. The total arrivals stood steady at 4,000 bags, while demand was seen around 6,000 bags against 5,000 bags. Jeera rates found some support at the lower levels even as demand got affected due to the ongoing rains in Gujarat and Rajasthan. Even though export queries are there, yet till the skies clear up, the trading activities may not pick up strongly. Higher domestic supplies, lower domestic demand, raising expectations of better sowing in the major jeera growing areas were seen pressuring the commodity prices to certain extent. Jeera exports increased by 76% to 79,900 tons in 2012-13 valued at Rs. 1093.17 crore from 45,500 tons recorded in the previous year. The total Jeera production is seen around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of Jeera from Gujarat. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. The Cumin crop in Iran is failure due to bad weather and thus would support the Indian cumin seed market in long term. Cumin exports increased by 76 per cent to 79,900 tonnes in 2012-13 from 45,500 tonnes previous year valued at Rs 1093.17 crore, up 70% from last year. The total arrivals stood steady at 4,000 bags, while demand was seen around 6,000 bags against 5,000 bags. In Unjha, a key spot market in Gujarat, jeera edged up by 61.5 rupees to end at 13571 rupee per 100 kg. Now Jeera is getting support at 13088 and below same could see a test of 13006 level, And resistance is now likely to be seen at 13270, a move above could see prices testing 13370.