Jeera hit contract highs and ended up on firm export demand and delay in sowing in the growing regions this season.
Export demand for jeera is strong from Singapore, Middle East, Bangladesh and Europe. A prolonged hot and dry spell has delayed the sowing of jeera, slashing acreage 25-30 percent from last year.
Spot jeera rose by over 105 rupees to end at 13,372.5 rupees per 100 kg in Unjha. December contract gained Rs 331 and settled at Rs 14445 a kg.
The contract made intraday low of Rs 14160 a kg and high of Rs 14463 a kg. Support for jeera is at 14249 below that could see a test of 14053. Resistance is now seen at 14552 above that could see a resistance of 14659.
Trading Ideas:
JEERA TRADING RANGE IS 14100-14800.
JEERA ENDED UP ON FIRM EXPORT DEMAND AND DELAY IN SOWING
LOOK TO HAVE SOME PULLED BACK TILL 14100 LEVEL WILL WAIT FOR A DIP TO BUY
A BREAK BELOW 14320 WILL FIND THE SUPPORT AT 14180-14060 LEVEL.
IN UNJHA PRICES GAINED BY OVER 105 RUPEES TO END AT 13372.50 RUPEES PER 100 KG
Courtesy: Kedia Commodities
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