Commodity Trading Tips for Jeera by KediaCommodity

Ajay Kumar Kedia 23 December 2013

Jeera Jeera settled flat on the back of strong production estimates in the current year along with limited export demand. The market sources estimated that the current year jeera production is estimated to be around 40-42 lakh bags in the current year , up almost 5-7 lakh bags from the year. This has reduced the exporters demand in local mandies with the expectation of further decline in prices in the coming days. However, carryover stocks are also reported lower in major mandies. The latest data estimated that the jeera stocks at 7 lakh bags against 9-10 lakh bags in the same period of last year. This will instigate limited selling from lower levels. As per market sources, around 70% of the sowing has already been completed in the major parts of Gujarat and Rajasthan. Traders estimated that the current year jeera production is estimated to be around 40-42 lakh bags in the current year , up almost 5-7 lakh bags from the year. However, the market sources suggested that spot and futures prices will garner some buying from the lower levels due to limited stocks in major mandies. Sources said that hopes of a higher production of the rabi crop in view of increase in its acreage could drag its demand. Favourable weather conditions, too, are aiding higher planting of jeera this year. In Unjha, a key spot market in Gujarat, jeera edged down by -13.6 rupees to end at 12842.2 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 0.29% to settled at 7359 while prices remain unchange0 rupee, now Jeera is getting support at 12780 and below same could see a test of 12658 level, And resistance is now likely to be seen at 13005, a move above could see prices testing 13108.