Jeera On NCDEX Settled Down

Jeera on NCDEX settled down -1.22% at 17010 on heavy arrivals from the producing belts. Though, some losses were capped on expectation of rising exports demand at the spot market. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said.

Turkey and Syria, India’s key competitors in the international market, are less likely to add supplies as the production in these countries is believed to hover at around 12,000 tonnes and 20,000 tonnes, respectively. This is seen as a major boost for Indian jeera exports, which are likely to hover around 1 lakh tonnes, up marginally from the previous year.

Jeera production in the country is likely to be around 3.4-3.8 lakh tonnes, which is about 10-12 per cent lower than last year. Jeera output had risen as high as 4.45 lakh tonnes in 2013-14. On the export front, Jeera exports from country increase by 26.9% to 1.33 lt for the calendar year 2016 while the exports increase by 36.7% to 93,724 tons in first 9 month of marketing year 2016/17.

Moreover, tight stock position following lower output in the producing regions too fuelled the uptrend. Technically now Jeera is getting support at 16853 and below same could see a test of 16697 level, And resistance is now likely to be seen at 17268, a move above could see prices testing 17527.

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