Commodity Trading Tips for Jeera by KediaCommodity

JeeraJeera May contract dropped Rs -180 and settled at Rs 13775 per quintal on profit booking amid rising supplies from the new season crop and expectations of higher output. Strong stockiest and exporters demand was seen in jeera market in the last week due to lower prices of jeera in local mandies along with poor quality of stocks in Rajasthan mandies. As per market sources, traders have reported strong export demand in local mandies due to poor supplies from exporting nations along with lower jeera prices in local mandies. Moreover, poor quality of jeera in Rajasthan mandies also prompted the strong demand of Gujarat quality of jeera in local mandies. India exported about 524,690 tonnes of spices during April-December, estimates by the ministry of commerce showed, indicating exports in the financial year ended March 31 were likely much higher than the previous year. 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. Traders are expecting that the total production of Jeera in the current year is expected to be around 34 lakh bags, unchanged from the last year. This is mainly due to better crop productivity in some areas of Gujarat. In Unjha, a key spot market in Gujarat, jeera dropped -21.05 rupees to end at 13757.5 rupees per 100 kg. The contract made intraday low of Rs 13712.5 a kg and high of Rs 14035 a kg. Support for jeera is at 13647 below that could see a test of 13518. Resistance is now seen at 13969 above that could see a resistance of 14163.

Trading Ideas:

Jeera trading range for the day is 13518-14164.

Jeera dropped on profit booking amid rising supplies from the new season crop and expectations of higher output.

Strong stockiest and exporters demand was seen in jeera market in the last week due to lower prices of jeera

NCDEX accredited warehouses jeera stocks gained by 138 tonnes to 2611 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -21.05 rupees to end at 13757.5 rupees per 100 kg.