Jeera settled down as higher-than-expected spot supplies and expectations of an expanded area under cultivation weighed. Sowing of jeera has started in some areas. Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on rains to moisten the land for sowing. Any report on the sowing progress could impact the market sentiments to some extent however. Slight bearish sentiment prevails as sowing expected to be good this year. However, the supply remains poor and demand is supporting prices now. Heavy rainfall has been witnessed in few regions Gujarat though no major impact of the same has been seen so far. The physical traders suggested that strong export demand of jeera in the current year accompanied with favourable weather conditions will encourage strong jeera crop sowing in the current year. The total sowing acreage is likely to increase by 10-12% in the current year as strong sowing is likely in the areas of Gujarat and Rajasthan. Growers will soon begin planting jeera, a Rabi crop, and this year the spice crop’s acreage is likely to be higher due to favourable weather conditions and soil moisture. Technically market is under fresh buying as market has witnessed gain in open interest by 2.82% to settled at 4374 while prices up 32.5 rupee, now Jeera is getting support at 12790 and below same could see a test of 12737 level, And resistance is now likely to be seen at 12883, a move above could see prices testing 12923.
Jeera trading range for the day is 12676-12916.
Jeera dropped as higher-than-expected spot supplies and expectations of an expanded area under cultivation weighed.
Any report on the sowing progress could impact the market sentiments to some extent however.
NCDEX accredited warehouses jeera stocks dropped by 55 tonnes to 2061 tonnes.
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