Jeera futures on NCDEX closed with gains on good export demand from the Middle East and European countries. According to the Spices board, India exported about 2,750 tonnes of Jeera in April 2008, compared with 1,208 tonnes a year-ago, and also exports of Jeera from India rose 8 percent to 28,000 tonnes during 2007/08. Expectation of lower crop in Syria and Turkey also added strength to jeera futures. Jeera output of Syria is expected to fall by 20%.

Due to early monsoon traders are expecting to get good crop in the coming season.

Influencing Factors: Jeera

• Export demand
• Bullish spot
• India exported about 2,750 tonnes of Jeera in April 2008, compared with 1,208 tonnes a year-ago, Spices Board
• Export demand from Middle east and European countries
• Expectation of lower crop in Syria
• The Jeera output of Syria is expected to fall by 20%
• Good monsoon
• Output estimated at 18-20 lakh bags compared to 15 lakh bags in last year
• Exports of Jeera rose 8 percent to 28,000 tonnes during 2007/08.

Technical Outlook

Technically Jeera September closed above 9 day EMA and 21 day EMA.

Today’s Recommendation

NCDEX Jeera September buy 12520-40 SL below 12450 targets 12624, 12698, 12784