Fundamental Analysis

Reduced arrivals at the domestic mandis coupled with reduction in the stocks at the NCDEX warehouse will be supportive for the price trend in the short term.

Demand from the overseas and domestic market and jeera price parity in the international market of various origins such as Syria, India and Turkey will determine the price trend in medium to long term (July onwards).

According the market sources jeera production in Syria is around 20 thousand tonnes and Turkey and Iran at 15 thousand tonnes each. Indian production of jeera is around 1.37 lakh tonnes as compared to 1.21 lakh tonnes in 2008-09.

Technical Analysis

Prices closed above its 10-Day but below its 20-Day EMA indicating sideways trend.

The 14-Day RSI is at 44.5 and is in the neutral region.

Outlook

Expected demand from the domestic buyers will keep jeera prices sideways to up manner in the intraday. In the short term (June) trend will depend on demand from the domestic and overseas market and jeera price parity of the different origins in the international market. In the medium to long term (July onwards) prices are likely to depend on demand from the overseas and domestic market.

Courtesy: Angel Commodities

World events analysis and how they affect Markets

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook