Commodity Outlook for Jeera by KediaCommodity
Jeera December contract gained Rs 56 and settled at Rs 13700 a kg as reduced sowing, so far, and dwindling stocks prompted buying at lower levels, offsetting tepid exports. As on Dec. 6, farmers cultivated the spice on 1,60,000 hectares, against 2,13,800 hectares during the same period last year, the state farm department data showed. Unseasonal rains and cloudy weather earlier this month has slashed jeera sowing in India's western state of Gujarat, the country's biggest producing region. Fresh sowing of jeera is being done at few places in Gujarat and Rajasthan due to clear weather and will continue through December. In Unjha, a key spot market in Gujarat, jeera gained 5.3 rupees to end at 14211.55 rupees per 100 kg. The contract made intraday low of Rs 13480 a kg and high of Rs 13735 a kg. Support for jeera is at 13542 below that could see a test of 13383. Resistance is now seen at 13797 above that could see a resistance of 13893.
Trading Ideas:
Jeera trading range is 13383-13893.
Jeera ended positive as reduced sowing and dwindling stocks prompted buying
Jeera is having resistance at 13820 and support at 13540 level.
NCDEX accredited warehouses jeera stocks rose 26 tonnes to 5443 tonnes.
In Unjha, a key spot market in Gujarat, jeera gained 5.3 rupees to end at 14211.55 rupees per 100 kg.