Commodity Trading Tips for Jeera by Kedia Commodity

Jeera on NCDEX settled up by 0.39% at 19190 in the wake of reports of fall in output in both Gujarat and Rajasthan. Gujarat government has estimated lower output this year due to adverse weather while there were reports rains during March in some parts of Rajasthan, which have impacted jeera crop. Daily jeera arrivals have been rising in the markets of Gujarat. Due to higher prices last year, production across Turkey, Syria, China, Pakistan and Afghanistan is expected to increase, the report said. India's Apr-Dec jeera export jumped 35% to 91,000 ton from 67,300 ton a year ago on the back of higher demand from China and Bangladesh. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year. The Centre pegs production of jeera in the state at 221,000 tonnes, down 11 per cent from last year’s output of 238,000 tonnes. The output is far lower than the normal of 346,000 tonnes in Gujarat in 2013-14. Acreage has fallen to 279,000 hectares this year from 286,000 hectares earlier. According to data, 33,110 tonnes of jeera arrived in the markets between March 1 and March 20, against 34,107 tonnes during the same period last year. India exports an average of 15,000 tonnes of jeera during March, April and May. In Unjha, a key spot market in Gujarat, jeera edged up by 123.35 Rupees to end at 18713.35 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 8.48% to settled at 17499 while prices up 75 rupees, now Jeera is getting support at 18980 and below same could see a test of 18770 level, And resistance is now likely to be seen at 19350, a move above could see prices testing 19510.

Trading Ideas:

Jeera trading range for the day is 18770-19510.

Jeera prices gained in the wake of reports of fall in output in both Gujarat and Rajasthan.

Daily jeera arrivals have been rising in the markets of Gujarat.

NCDEX accredited warehouses jeera stocks gained by 189 tonnes to 828 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 123.35 Rupees to end at 18713.35 Rupees per 100 kg.




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