Jeera March futures prices are expected to continue the down trend on weak demand across the spot market. Rising fresh crop arrivals across the spot markets might further pressurized the prices.
According to trade sources, prevailing colds wave conditions are not having severe impact on jeera prices which might reduce threat of crop damage.
Arrivals at spot market of Unjha were reported around 5000-6000 bags against 3500-4000 (1 bag=60 Kg.) including 1000 bags of fresh crop
Rise in fresh crop arrivals along with subdued export demand might weigh on prices in near term
As per the data released by Gujarat Agriculture Department, acreage under jeera has increased substantially to 3.70 lakh hectares till 23rd January as compared to the 2.45 lakh hectares in the last year
According to derivative analysis, prices have declined while volumes and open interest have declined. It indicates that new money is coming into the market, showing aggressive new short selling.
This scenario will prove out a continuation of a downtrend or bearish
Jeera NCDEX Mar-12 support: 14422 14498 resistance: 14705 14814 Trading Range: 14375-14911
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