Commodity Trading Tips for Jeera by KediaCommodity

Ajay Kumar Kedia 13 May 2014

Jeera Jeera settled up 3.99% at 11335 due to a fall in arrivals in spot markets and a rise in export demand. Moreover, prices seen supported triggered by rising demand in the spot markets impacted the market sentiments. Moderate pick up in export demand amidst steady arrivals helped the sentiments to move up. Arrivals also declined in mandis supporting the prices further. Trading activities are expected to pick up as Elections get over. Unjha mandi ~28000 bags arrival was seen and export demand remained at ~30000 bags. Jeera soared recently as heavy buying continued to emerge amid steady sentiments and dropping arrivals in last few days. Prices have been under pressure off late as the supplies remain very good and the commodity is lingering around their multi year lows. The market sources suggested that the total domestic Jeera production is estimated at 55-60 lakh bags in the current year against the previous estimates of 45-48 lakh bags. This is mainly due to strong production estimates in Gujarat. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and Syria. Latest reports from the Spices Board during the period April-December 2013, a total quantity of 96,500 tonnes of cumin valued Rs. 1281.56 crore have been exported. In Unjha, a key spot market in Gujarat, jeera edged up by 205 rupees to end at 11180 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 11.02% to settled at 9462 while prices up 435 rupee, now Jeera is getting support at 11098 and below same could see a test of 10862 level, And resistance is now likely to be seen at 11453, a move above could see prices testing 11572.