Commodity Trading Tips for Jeera by KediaCommodity

Ajay Kumar Kedia 19 June 2014

Jeera Jeera settled up 1.12% at 10855 on bargain buying amid weak arrivals. In Rajkot total arrivals are at 930 quintals, up by 90 quintals from previous day’s arrivals. In Mehsana estimated market supply was at 30000 quintals, higher by 20000 quintals from previous trading day. Jeera arrivals declined in the Unjha mandi over last previous month. Jeera prices have been under pressure for last few months amid hopes of a strong harvest. Sources 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, registering an increase of 89% in quantity and 83% in value over same month's last year. In Rajkot traders reported arrivals at 840 quintals, lower by 180 quintals from previous day’s arrivals. In Mehsana estimated market supply was at 10000 quintals, unchanged as compared to previous day’s arrival. 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 -36.5 rupees to end at 10987.5 rupee per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -2.95% to settled at 7488 while prices up 120 rupee, now Jeera is getting support at 10773 and below same could see a test of 10677 level, And resistance is now likely to be seen at 10918, a move above could see prices testing 10967.