Jeera February futures prices are expected to continue the bearish trend amid poor domestic and export demand.
According to trade sources, actual production estimates are still not clear which is creating huge volatility in prices. Fresh crop arrivals are also gaining pace which might also have negative impact on prices.
Despite of fall in arrival at spot market of Unjha price are felling, indicating poor demand
Arrivals at spot market of Unjha were reported around 3000-3500 bags against 4000 (1 bag=60 Kg.).
As per the data released by Gujarat Agriculture Department, acreage under jeera has increased substantially to 2.82 lakh hectares till 27th December as compared to the 2.38 lakh hectares in the last year Production estimates: 35-40 lakh bags v/s 28-30 lakh bags (1 bag=60Kg.).
According to derivative analysis, prices and open interest have declined volumes have increased. It indicates that participation at selling side is more and due to prevailing uncertainty in prices traders are exiting their positive at the end of the day
Jeera NCDEX Feb-12 support: 13904 14023 resistance: 14310 14451 sell at 14200 TP 13850 SL 14550
Courtesy:Karvy Comtrade Ltd.
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