Fundamental Analysis

Improved buying at lower levels by the stockists and anticipation of overseas demand led prices to strengthen.

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 51.8 and is trading in sideways to up manner.

Outlook

Jeera prices in the intraday may trade in sideways to up manner due to buying by the stockists 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

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