MCX Settled On Jeera Prices

Jeera prices ended with losses on profit booking amid fall in demand at the spot market. Though, some losses were capped as the jeera arrival in May is lower this year compared to last year. Reports showed about 10,688 tons of jeera arrived in May 2017 compared to 14,302 May last year. On the export front, country the exports increase by 26% to 1.24 lt in 2016/17 as per the data release by Dept of commerce, GOI.

The stock levels in the NCDEX warehouse are dropping since last 15 days. It now 1,122 tonnes as on Jun 07, fall from 1,785 tonnes two weeks back. Last year, stocks were higher at 3,511 tonnes. Sources estimate India’s jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimated. Even at the lower crop estimate, jeera exports are projected to range between 100,000-150,000 tonnes, for the year.

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. At Unjha market in Mehsana , sources reported arrivals at 10000 quintals, higher by 5000 quintals as against previous day.

At Rajkot market in Rajkot(Guj.), estimated market supply was at 450 quintal, down by 150 quintal as against previous day. Technically market is under fresh selling as market has witnessed gain in open interest by 1.45% to settled at 12774 while prices down -100 rupees, now Jeera is getting support at 18223 and below same could see a test of 18132 level, And resistance is now likely to be seen at 18443, a move above could see prices testing 18572.
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