Jeera yesterday settled down -0.32% at 13212.5 on improved demand from local buyers and good export demand. India is the largest jeera producer in the world, followed by Syria and Turkey. Jeera is a winter crop sown from October, and farmers depend on rains to moisten the land for sowing. Even though export queries are there, yet till the skies clear up, the trading activities may not pick up strongly. Low arrivals and some export queries prevented further fall in rates however. Spot rates firmed up and traders do expect a firm trend when weather clears up and demand rises. Demand queries have been there however, as per traders. In Unjha mandi ~4500 bags arrival was seen and demand remained at ~5000 bags. The total Jeera production is seen around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of Jeera from Gujarat. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. Higher domestic supplies, lower domestic demand, raising expectations of better sowing in the major jeera growing areas were seen pressuring the commodity prices to certain extent. This year, jeera production in the country is seen around 34-35 lakh bags, up around 1-2 lakh bags when compared to the last year's production. In Unjha, a key spot market in Gujarat, jeera edged up by 16.65 rupees to end at 13545 rupee per 100 kg. Now Jeera is getting support at 13147 and below same could see a test of 13081 level, And resistance is now likely to be seen at 13312, a move above could see prices testing 13411.
Trading Ideas:
Jeera trading range for the day is 13085-13415.
Jeera gained on improved demand from local buyers and good export demand.
Even though export queries are there, yet till the skies clear up, the trading activities may not pick up strongly.
In Unjha mandi ~4500 bags arrival was seen and demand remained at ~5000 bags.
In Unjha, a key spot market in Gujarat, jeera edged up by 16.65 rupees to end at 13544.75 rupee per 100 kg.
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