Last Updated : March 11, 2010 13:10
Jeera falls on dull demand
Fundamental Analysis Overseas demand is expected in the coming days as prices of jeera are quoting at lower rates in the international market. Demand from the domestic stockists is present in good quantity which is providing support to the prices.
In the short term (till March) prices may be determined by stocks of jeera with Syria and Turkey, price quotes of jeera in the international market and demand from the domestic and overseas market.
Jeera price quotes of Syria and Turkey are around $2450/tonne and $2500/tonne respectively. Further they have lower stocks to dispose which may provide support to the prices.
In medium to long term (April onwards) jeera price trend would be determined by the sowing progress in Syria and Turkey and demand from the overseas and domestic market.
Technical Analysis Prices closed above its 10-Day and its 20-Day EMA indicating upward trend.
The 14-Day RSI is at 49.6 and is trading in sideways manner.
Outlook Jeera prices in the intraday may trade in sideways to up manner due to improved offtakes at the domestic market. In the short term (till March) trend may be determined by the demand from the domestic and overseas market and price parity of the different origins in the international market. In the medium to long term (April onwards) prices may be determined from the Jeera sowing estimates of India and demand from the overseas market.
Courtesy: Angel Commodities World events analysis and how they affect Markets
MCX GASOLINE 24 February 2012
contract was trading at
Rs 136.5 , up Rs. 1.35 . What's your view on it?
