Commodity Trading Tips for Jeera by KediaCommodity

Ajay Kumar Kedia 13 August 2014

Jeera Jeera settled up 0.13% at 11285 on tight supplies in the physical market. Export are expected to pick up in coming days that could support prices in coming days. However upside seen limited on good rainfall and limited stockiest activity. However, the arrivals continue to drop in local markets and this trend is likely to keep buyers in the hunt. The total stocks in local mandies were almost double of the previous year's level of 35 lakh bags due to record production in the current year. However, weak supplies international market will reward Indian exporters in medium term. All eyes are on status of kharif sowing as weal monsoon may delay the Rabi sowing. At New Delhi market sources reported arrivals at 10000 quintals, unchanged as compared to previous day's arrival. At Rajkot market estimated market supply was at 515 quintals, lower by 335 quintals from previous day's arrivals. At Unjha market in Mehsana sources reported arrivals at 8000 quintals, higher by 2000 quintals as compared to previous day. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -26.75 rupees to end at 11413.25 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 1.78% to settled at 7884 while prices up 15 rupee, now Jeera is getting support at 11225 and below same could see a test of 11165 level, And resistance is now likely to be seen at 11325, a move above could see prices testing 11365.