Jeera June contract dropped Rs 60 and settled at Rs 13835 per quintal on profit booking but downside was limited on the back of thin supply in the spot markets. Rising export demand from Bangladesh and other neighbouring countries is likely to support prices in near term. Reports of declined production estimates for Syria and Turkey due to poor sowing progress might also support Indian Jeera prices to move up in near term. The total arrivals of jeera jumped to 25,000 bags from 17,000 bags, while demand was seen for around 28,000 bags. Latest sowing data from Gujarat indicates as on 27th Dec, sowing completed in ~2.82 lakh ha vs 2.38 lakh ha last year. As per Rajasthan Agricultural Ministry, the sowing area till 20th Dec had been reported at 3.03 lakh ha vs 3.30 lakh ha same period last year. Productivity of crops in both states however expected to fall due to adverse weather conditions as per reports. The better crop expectations from Gujarat and Rajasthan could be hampered by reports of adverse weather conditions in growing areas that could affect the productivity to some extent as per traders. Lower production in Turkey and Syria could support Indian rates. Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes. In Unjha, a key spot market in Gujarat, jeera dropped -84.85 rupees to end at 13767.8 rupees per 100 kg. The contract made intraday low of Rs 13760 a kg and high of Rs 13972.5 a kg. Support for jeera is at 13739 below that could see a test of 13643. Resistance is now seen at 13952 above that could see a resistance of 14068.
Jeera trading range for the day is 13644-14068.
Jeera dropped on profit booking but downside was limited on the back of thin supply in the spot markets.
Rising export demand from Bangladesh and other neighbouring countries is likely to support prices
NCDEX accredited warehouses jeera stocks dropped by 30 tonnes to 11066 tonnes.
In Unjha, a key spot market in Gujarat, jeera dropped -84.85 rupees to end at 13767.8 rupees per 100 kg.
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