Commodity Trading Tips for Jeera by Kedia Commodity

Ajay Kumar Kedia 12 December 2014

Jeera Jeera settled up by 0.28% at 12760 due to the limited arrivals from producing belts. Moreover, prices seen supported by rising domestic and export demand in the spot market that kept jeera prices. It is to be noted that higher temperatures continue to persist in Gujarat and Rajasthan, which is harmful for the crop growth. Sources expect arrivals to remain moderate but till exports pick up significantly, trend likely to remain slight weak as of now. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. India's jeera exports has crossed 50,000 tonnes in the first four months of 2014-15, a rise of 15 per cent from the corresponding period of the previous year, industry sources said. At Jodhpur market arrivals were reported at 300 quintals, unchanged as compared to previous day's arrival. At Rajkot market sources reported arrivals at 780 quintals, down by 246 quintals from previous day's arrivals. At New Delhi estimated market supply was at 10000 quintals, lower by 2000 quintals as against previous day. At Unjha market in Mehsana Total arrivals are at 7000 quintals, lower by 5000 quintals as compared to previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 48.75 rupees to end at 12565.95 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 6.46% to settled at 8307, now Jeera is getting support at 12665 and below same could see a test of 12565 level, And resistance is now likely to be seen at 12880, a move above could see prices testing 12995.