Jeera March futures prices are expected to continue the corrections during early trading hours. However, reports of unfavorable weather conditions due to cold wave conditions coming back in north India is creating crop concern which might support the prices.
According to trade sources, cold wave conditions might not result in sever damage to the crop but if these conditions prevails for long than it might create damage to the mature crop
Rise in fresh crop arrivals might weigh on prices in near term
Arrivals at spot market of Unjha were reported around 3500-4000 bags against 3000-3500 (1 bag=60 Kg.)
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, volumes and open interest have increased. It indicates that market is attracting larger numbers of traders willing to open positions from the long side and hold them. Traders are more confident that prices will continue to climb in favor of a working long
Jeera NCDEX Mar-12 support: 14505 14593 resistance: 14776 14852 Buy at 14670 TP 14990 SL 14355
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