NCDEX Jeera likely to move in a range of 14945-15315
Commodity Online | January 17 2020
UPDATED 11:50:59 IST

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Technically NCDEX Jeera is getting support at 15025 and below same could see a test of 14945 levels, and resistance is now likely to be seen at 15210, a move above could see prices testing 15315.

Jeera on NCDEX settled down by 0.3% at 15105 as the market is awaiting the crop numbers in anticipation of higher production.The weather is very supportive for jeera crop. The yield is going to be much better this year.

Favourable climatic conditions and improved water availability following good monsoon rains have brightened crop prospects. Jeera growers in Rajasthan and Gujarat are expecting about 25-30 per cent higher yield over last year.

Farmers point to a crop size of about 5 lakh tonnes as against about 4.1 lakh tonnes in the previous year. The yield is going to be much better this year.

Farmers pointed out a marginal impact on the crop due to last month’s locust attack in southern Rajasthan and north Gujarat, primarily the jeera and coriander growing regions.

As per the latest data from the Gujarat government on rabi sowing, there is a 36 per cent jump in area under jeera cultivation over last year. Jeera acreage as on January 6, 2020 was reported at 4.71 lakh hectares (3.45 lakh ha).

Poor export prospects and lower prices, coupled with delayed sowing, are hurting jeera growers this rabi season.Rabi sowing for jeera was undertaken on 1,31,561 hectares in Gujarat, nearly 70,000 hectares down from 1,99,455 hectares reported around the same time last year. In Unjha, a key spot market in Gujarat, jeera edged down by 122.3 Rupees to end at 15939.45 Rupees per 100 kg.

Trading Ideas:
--Jeera trading range for the day is 14945-15315.
--Jeera prices dropped as the market is awaiting the crop numbers in anticipation of higher production.
--Favourable climatic conditions and improved water availability following good monsoon rains have brightened crop prospects.
--Jeera growers in Rajasthan and Gujarat are expecting about 25-30 per cent higher yield over last year.
--In Unjha, a key spot market in Gujarat, jeera edged down by 122.3 Rupees to end at 15939.45 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil NR 10150.00
Coconut Oil 2 18200.00
Arecanut 0.75 20800.00
Sugar NR 3500.00

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