Jeera yesterday traded with the positive node and settled 0.27% up at 13745 on fresh export enquiries amid slack domestic supplies and on the slow progress of monsoon. There are concerns about the slow progress of rains in the major growing state. Though planting for jeera starts in October-November but lesser rains could impact the yields. India's crucial monsoon rains were 18 percent below average in the week to June 27, the weather office said, reflecting a lull phase over oilseed-growing areas of central India. There are reports of lower output of jeera in Syria and Turkey in 2012. Fresh arrivals from Syria have commenced while harvesting of Jeera in Turkey will commence shortly. Jeera prices in the international market of Indian origin are being offered at $2,550/tonne while Syria is offering its produce at $2950/tonne. According to Spices Board of India, exports of Jeera during April 2011- January 2012 stood at 34,500 tonnes as compared to 22,450 tonnes in 2010-11, an increase of 54%. However, month on month exports of jeera witnessed a decline of 40%. Production of jeera in 2011-12 is expected to be around 40 lakh bags as compared to 29 lakh bags in 2010-11. In Unjha, a key spot market in Gujarat, jeera gained 31.65 rupees to end at 13990 rupees per 100 kg. In yesterday's trading session Jeera has touched the low of 13677.5 after opening at 13720, and finally settled at 13745. For today's session market is looking to take support at 13657, a break below could see a test of 13568 and where as resistance is now likely to be seen at 13854, a move above could see prices testing 13963.
Jeera trading range for the day is 13565-13961.
Jeera rose on fresh export enquiries amid slack domestic supplies and on the slow progress of monsoon
There are concerns about the slow progress of rains in the major growing state.
NCDEX accredited warehouses jeera stocks dropped by 6 tonnes to 9384 tonnes.
In Unjha, a key spot market in Gujarat, jeera gained 31.65 rupees to end at 13990 rupees per 100 kg.
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