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Indian production is expected at 28-30 lakh bags translating to more than 1.5 lakh tons this year.

25 Mar 2013

MUMBAI(Commodity Online): Jeera on India's NCDEX for April delivery is looking range bound and may trade in the range of 12800-13400, according to our analyst.

The contract was trading on a positive note at Rs.13012.5, a fall of 0.31% as of 11.24 AM IST, Monday.

“Trend in jeera is looking range bound and the trading range for the commodity is seen between 12800-13400 level. Either side break out will give clear direction to the prices,” said Milan Shah, Research Analyst, Commodity Online.

Rise in domestic demand ahead of the festive season and improved export queries are supporting the prices in the market to some extent.

Better crop expectations and high arrivals in the market may turn the trend in near term. Good sowing reports from Gujarat and Rajasthan keeps the production prospects good.

The trend in medium to long term trend looks bullish as exports are expected to pick up in coming months amidst lower production reports in Turkey and Syria.

Indian production is expected at 28-30 lakh bags translating to more than 1.5 lakh tons this year.


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