Jeera on NCDEX settled down -1.09% at 18520 on the account of limited demand by stockiets.However, from the last few days, the countries like China and Bangladesh have reported strong demand of Indian jeera in local mandies. The export demand may pickup due to good demand from China and other countries, as stock levels have been lower.
According to Dept of Commerce, the exports of Jeera in the first two month of 2016-17 increased by more than 82.5% at 33,908 tonnes compared to last year same time. As per the trade sources, India's jeera exports rose nearly 25% to around 50,000 tonnes in Apr-Jul from 40,000 tn in the year-ago period due to good demand from China and Bangladesh. China imported 1,500-1,700 tn jeera in last 15 days. As per 4th advance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt. At Rajkot market in Rajkot(Guj.), estimated market supply was at 240 quintal, up by 105 quintal as against previous day.
At Unjha market in Mehsana , estimated market supply was at 1000 quintals, down by 1000 quintals as against previous day. Exporters reported active in the domestic market. Export demand reported as compared to last year in the spot market due to good quality supply. During the week period Jeera export reports 2348 tonnes. Technically market is under long liquidation as market has witnessed drop in open interest by -2.61% to settled at 21414 while prices down -205 rupee, now Jeera is getting support at 18337 and below same could see a test of 18153 level, and resistance is now likely to be seen at 18807, a move above could see prices testing 19093.
--Jeera trading range for the day is 18155-19095.
--Jeera prices ended with losses on the account of limited demand by stockiets.
--However, from the last few days, the countries like China and Bangladesh have reported strong demand of Indian jeera in local mandies.
--NCDEX accredited warehouses jeera stocks dropped by 54 tonnes to 6088 tonnes.
--In Unjha, a key spot market in Gujarat, jeera edged up by 5.55 rupees to end at 19205.55 rupee per 100 kg.
Courtesy: Kedia Commodities