Thursday, 30 June 2016

NCDEX JEERA MARKET REPORT

Jeera on NCDEX settled down by -1.06% at 18120 on heavy arrivals from the producing belts. However anticipation of improved export demand in coming months, capped some losses.

 

At Gondal(Guj.) market inRajkot(Guj.) total arrivals are at 600 quintals, lower by 100 quintals as against previous day. At Rajkot market in Rajkot(Guj.), total arrivals are at 210 quintal, lower by 130 quintal 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. 

 

In the next few months, the prices will depend on export demand. As per third advance estimate of Gujarat State for 2015-16, production is pegged at 213,000 ton up by nearly 7% from a year ago. 

 

Last year, India exported 1,55,000 tonnes. Notably, the country’s jeera exports have been on a decline since 2013-14 from 1,60,000 tonnes reported that year. 

 

Most farmers have offloaded their crop.Of the total estimated crop of around 2,50,000 tonnes for Gujarat and Rajasthan, close to 70 per cent has already been sold in the market. In Unjha, a key spot market in Gujarat, jeera edged up by 232.7 rupees to end at 18307.7 rupee per 100kg. 

 

Technically now Jeera is getting support at 17965 and below same could see a test of 17810 level, And resistance is now likely to be seen at 18350, a move above could see prices testing 18580.

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