Fundamental Analysis

Spot prices at Unjha were quoted at lower rates due to reduced offtakes by the local stockists. Buyers at the domestic and overseas are following a wait and watch stance as the fresh jeera arrivals are expected in the near term ( mid of March). Good arrivals in domestic mandis may pressurize the prices.

In the short term (till February) prices may be determined by domestic stocks of jeera till the fresh crop arrivals in the month of March and demand from the domestic and overseas market. Further, rains in the month of February may spoil the standing crop and adverse impact on yield of jeera is likely to be seen.

Prices of jeera in the international market of various origins such as India, Syria and Turkey may also determine the price trend in the near term.

Stocks of jeera in Syria, Turkey and India and clear production estimates in the above nations may drive the prices in the medium to long term (March onwards).

Technical Analysis

Prices closed below its 10-Day and its 20-Day EMA indicating downward trend.

The 14-Day RSI is at 32.8 and is trading in neutral zone.

MACD is trading in the positive territory.

Outlook

Jeera prices in the intraday may trade in sideways manner due to reduced offtakes by the local stockists at the domestic. In the short term (till February) 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 (March onwards) prices may be determined from the Jeera sowing estimates of India and demand from the overseas market.

Courtesy: Angel Commodities

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