Last Updated : 25 February 2013 at 11:45 IST
NCDEX Jeera negative on higher arrivals, bullish for long term
Source :Commodity Online Research Desk
For long term, jeera futures looks bullish due to upcoming export demand amid lower production estimates in major jeera producing countries, Turkey and Syria.
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JAIPUR (Commodity Online): Jeera (Cumin Seed) futures for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) is negative and expected to remain negative for for intra-day and short term on higher arrivals and reports on higher production.
For long term, jeera futures looks bullish due to upcoming export demand amid lower production estimates in major jeera producing countries, Turkey and Syria.
“Futures have broken the important support level of 12950 and hovering near the same. Once futures sustain below 12950 level, it may trade near 12700 levels,” said Tarang Parmar, Research Analyst at Commodity Online.
“Resistance is there at 13100 and 13250 levels. Intra-day traders may use sell at higher levels strategy,” he added.
NCDEX jeera for March delivery was down by 1.26 percent at Rs.12965 per 100 kg as of 10.49 AM IST on Monday.
Improved weather conditions in key jeera growing areas are putting pressure on jeera prices in both spot and futures market. Production.
India's jeera production is expected to cross 1.5 lakh tons. Spices Board of India had set a target of 45,000 tons for the current year.
