NCDEX Jeera Oct 2016 : 15.09.2016
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Jeera trading range for the day is 17320-17900
Jeera prices ended with gains due to dwindling supplies and tight stocks.
In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey
to 10,000 ton and 12,000 ton respectively.
NCDEX accredited warehouses jeera stocks dropped by 114 tonnes to 4763 tonnes.
Jeera on NCDEX settled up by 0.86% at 17640 due to dwindling supplies and tight stocks. Hopes of better demand for export and coming festive season will also help the prices to rise. Prices also seen supported due to rise in exports and domestic demand amid festival season ahead. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16, report added. As per market source, India is likely to export 40,000- 45,000 ton more jeera in coming months and may support the price to trade higher. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. At New Delhi market estimated market supply was at 1500 quintals, steady as against previous day’s arrival. At Rajkot market in Rajkot(Guj.), sources reported arrivals at 55 quintal, lower by 70 quintal as compared to previous day. According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of 2016-17 is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year’s export volume due to good demand from China and Bangladesh. In Unjha, a key spot market in Gujarat, jeera edged down by -36.1 rupees to end at 18238.9 rupee per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by - 1.37% to settled at 16434, now Jeera is getting support at 17480 and below same could see a test of 17320 level, And resistance is now likely to be seen at 17770, a move above could see prices testing 17900.
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Jeera trading range for the day is 17320-17900
Jeera prices ended with gains due to dwindling supplies and tight stocks.
In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey
to 10,000 ton and 12,000 ton respectively.
NCDEX accredited warehouses jeera stocks dropped by 114 tonnes to 4763 tonnes.
Jeera on NCDEX settled up by 0.86% at 17640 due to dwindling supplies and tight stocks. Hopes of better demand for export and coming festive season will also help the prices to rise. Prices also seen supported due to rise in exports and domestic demand amid festival season ahead. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16, report added. As per market source, India is likely to export 40,000- 45,000 ton more jeera in coming months and may support the price to trade higher. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. At New Delhi market estimated market supply was at 1500 quintals, steady as against previous day’s arrival. At Rajkot market in Rajkot(Guj.), sources reported arrivals at 55 quintal, lower by 70 quintal as compared to previous day. According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of 2016-17 is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year’s export volume due to good demand from China and Bangladesh. In Unjha, a key spot market in Gujarat, jeera edged down by -36.1 rupees to end at 18238.9 rupee per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by - 1.37% to settled at 16434, now Jeera is getting support at 17480 and below same could see a test of 17320 level, And resistance is now likely to be seen at 17770, a move above could see prices testing 17900.
