Technically NCDEX Jeera is under fresh buying as market has witnessed gain in open interest by 3.53% to settled at 10302 while prices up 50 rupees.
Now Jeera is getting support at 18855 and below same could see a test of 18705 level, And resistance is now likely to be seen at 19150, a move above could see prices testing 19295.
Jeera on NCDEX settled up by 0.26% at 19000 because of depleted stocks and expectations of good export demand in the coming months.
Supplies in major producing centres of Gujarat and Rajasthan are falling day by day because of fag-end of the season. Good export demand is expected due to poor supplies from other jeera producing countries-Syria and Turkey.
India's exports of jeera are likely to have risen 2% on year to 70,000 tn in Apr-Sep due to waning stocks in other major exporting nations. The country had exported 68,600 tn of the commodity in the corresponding period last year, according to Spices Board India.
Jeera from India is being offered at around $2,600-$2,900 per tn, free on board, in international markets. Negligible stocks of jeera in Turkey and Syria has made way for India to become a major supplier of the spice in the global market.
Higher prices in the two other major producing nations also diverted export shipments to India. Jeera from Turkey is sold at around $3,800 per tn, while Syria offers the commodity at $3,000 per tn.
India, the world's top producer of jeera, exports the spice to the US, South America, West Asia, Europe, China, Pakistan, Bangladesh, and Sri Lanka. In Unjha, a key spot market in Gujarat, jeera edged up by 17.85 Rupees to end at 18850 Rupees per 100 kg.
--Jeera trading range for the day is 18705-19295.
--Jeera prices ended with gains as support seen following restricted arrivals from the growing regions.
--India's exports of jeera are likely to have risen 2% on year to 70,000 tn in Apr-Sep due to waning stocks in other major exporting nations.
--NCDEX accredited warehouses jeera stocks gained by 140 tonnes to 6407 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged up by 17.85 Rupees to end at 18850 Rupees per 100 kg.
Courtesy: Kedia Commodities