Jeera On NCDEX Settled Down By -0.38%

Jeera on NCDEX settled down by -0.38% at 18245 on profit booking after prices gained amid pick-up in domestic as well as export demand at the spot market. Prices also seen supported on a lower output forecast and strong demand from overseas buyers.

Exporters are likely to fetch better realisation due to the quality of the jeera crop. A recent assessment by the Federation of Indian Spices Stakeholders in Udaipur, Rajasthan, has forecast India’s cumin seed production at 5.83 million bags of 40 kg each (233,280 tonnes) this year against 4.20 million bags of 40 kg each (168,320 tonnes) last year.

The latest spell of rainfall last week is estimated to have spoiled 30 per cent of the standing crop. Production estimates for 2016-17 are lower due to a decline in the jeera acreage in Gujarat.

The Centre pegs production of jeera in the state at 221,000 tonnes, down 11 per cent from last year’s output of 238,000 tonnes. The output is far lower than the normal of 346,000 tonnes in Gujarat in 2013-14. Acreage has fallen to 279,000 hectares this year from 286,000 hectares earlier. Exports will happen in spite of higher prices because there is no supplier of jeera available globally.

Syria has a significant share at 30,000-40,000 tonnes, while Turkey is very small at 10,000 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -16.7 Rupees to end at 18416.65 Rupees per 100 kg.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.66% to settled at 12690 while prices down -70 rupees, now Jeera is getting support at 18130 and below same could see a test of 18010 level, And resistance is now likely to be seen at 18445, a move above could see prices testing 18640.
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