Jeera to go range bound on slow trade

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Fundamental Analysis

Benchmark Unjha prices of jeera were quoted at steady rates due to slow trades at the domestic market.

Jeera Futures after touching a high of Rs. 10,985/qtl is now trading in sideways to down manner. Prices at the futures are likely to witness selling due to lacklustre trades at the domestic market.

Import of jeera from Syria at higher levels is not feasible and whatever jeera is imported from Syria is made to re- export to other nations.

Prices in the short to medium term would be determined by the demand of jeera from the overseas and domestic market. Clear jeera production figures of Syria and Turkey and stocks of jeera in India may determine the prices in the long term (July end onwards).

Technical Analysis

Jeera prices (NCDEX July 09 Contract) closed at Rs.10,663/qtl down by Rs.116/quintal as compared to Tuesday’s close of Rs. 10,779/qtl.

Prices closed below its 10-Day and its 20-Day EMA indicating sideways to down trend.

Outlook

Jeera prices in the intraday may trade in rangebound manner due slow trades at the domestic and overseas market. In short term (till mid of July) 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 (mid of July 2009 onwards) prices may be determined from the clear Jeera production estimates of Syria and Turkey for 2009 and demand from the overseas market.

Courtesy: Angel Commodities

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