MUMBAI (Commodity Online): Festive and export demand coupled with fall in prices last week helped Jeera futures to rebound on Monday trading at National Commodity and Derivatives Exchange of India.

In afternoon trading, Jeera December at NCDEX rose 2.47% to Rs 15110. Over the last couple of days, exporters were been buying actively due to escalated tensions between Syria and Turkey.

Sowing in Gujarat is currently lower by 15-20%. However, expectations of good export demand at lower levels supported prices in the spot. Festive demand is also expected to improve, Angel Commodities said in their daily report.

Expectations are that export orders may still be diverted to India from the international markets due to lack of supplies from Syria on back of the ongoing civil war. Production in Syria and Turkey is being reported around 17,000 tonnes and around 4,000-5,000 tonnes, lesser than expectations. 

Jeera prices of Indian origin are being offered in the international market at $2,800 tn (c&f) while Syria and Turkey are not offering. Carryover stocks of Jeera in the domestic market is expected to be around 4-5 lakh bags lower by around 3 lakh bags last year. 

According to Dharmesh Bhatia, Associate Vice President, Research at Kotak Commodities, turmeric looks medium term bullish and headed towards previous resistance levels of Rs 5280 with 9 period RSI sustaining above 50 mark, considerable increment in volume suggesting bullish momentum. Until prices closes below Rs 5000, buying on dips is advisable.