Commodity Trading Tips for Jeera by KediaCommodity

Ajay Kumar Kedia 20 February 2014

Jeera Jeera settled down -0.67% at 11500 on large crop estimates, favourable weather and higher stocks. With clear skies in Gujarat and Rajasthan, the arrivals are all set to rise further in coming days. Once the arrivals fall in coming weeks, exports are likely to start picking up then. In Unjha mandi ~8500 bags arrival was seen and demand remained at ~7500 bags. According to the latest data release by Gujarat Agriculture Board, the total acreage in the State has increased by 1.05 lakh hectares to 4.54 lakh hectares due to favourable weather. Traders estimate the total production of the spice to go up by 10 lakh bags to 46 lakh bags this year. As per the latest data release by Gujarat Agriculture Board, the total sowing acreage of Jeera in the state has been increased by 1.05 lakh hectares from the last year to reach 4.54 lakh hectares due to favorable weather conditions and strong export demand in local mandies. Traders estimated that the total production of the Jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year. The strong carryover stocks in local mandies also added selling in Jeera market as traders estimated that around 5-6 lakh bags of Jeera has been reported in major producing areas , up almost 2-3 lakh bags from the previous year. In Unjha, a key spot market in Gujarat, jeera edged down by -12.75 rupees to end at 11936.25 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -2.29% to settled at 6537 while prices down -77.5 rupee, now Jeera is getting support at 11428 and below same could see a test of 11357 level, And resistance is now likely to be seen at 11623, a move above could see prices testing 11747.