Commodity Outlook for Jeera by KediaCommodity
Jeera December contract dropped Rs 48 and settled at Rs 14551 a kg on advancement in sowing operations due to clear weather and weak export demand, but dwindling stocks restricted the losses. Clear weather is supporting the sowing operations in Gujarat. Overall area under cultivation may increase this year, if weather conditions remain favourable.
Dry weather in Gujarat is supporting sowing of jeera which was hit by unseasonal rains earlier this month. The total arrivals of Jeera surged to 4,000 bags from 2,000 bags on last day and against the demand of 5,500 bags. In Unjha, a key spot market in Gujarat, jeera gained 32.15 rupees to end at 14521.45 rupees per 100 kg. The contract made intraday low of Rs 14385 a kg and high of Rs 14724 a kg. Support for jeera is at 14383 below that could see a test of 14214. Resistance is now seen at 14722 above that could see a resistance of 14892.
Trading Ideas: Jeera trading range is 14214-14892. Jeera ended weak on advancement in sowing operations due to clear weather Jeera is having resistance at 14720 and support at 14380 level. NCDEX accredited warehouses jeera stocks fell 87 tonnes to 5563 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 32.15 rupees to end at 14521.45 rupees per 100 kg.