MCX JEERA NEWS : 04.01.2017
Jeera on NCDEX settled up by 0.86% at 16925 because of dwindling supplies due to fag-end of the season. Reports of flat sowing in Gujarat-the largest producing state-may also aided the firm trend. Sowing progress of Jeera in Gujarat until Dec 26 is pegged at 267,100 hectare marginally lower than 268,300 hectare. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year. India's jeera exports are likely to rise 30% to 88,000 ton during Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. Sowing has been good so far and weather conditions are also favorable for jeera crop. As all is going well as exporters are not buying in large quantities but are waiting for the new crop. However, looking at the current trend, buyers may not take a risk and initially demand will be low at the beginning of the new season. According to jeera exporters, while the new season is likely to start in March, farmers have gradually begun accepting payment digitally, and have therefore been able to ensure steady supply. At Jodhpur(Raj.) market in Jodhpur, sources reported arrivals at 125 quintals, lower by 275 quintals from previous day’s arrivals. At New Delhi market , arrivals were reported at 2000 quintals, down by 4000 quintals as against previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 140.6 rupees to end at 18340.6 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 5.85% to settled at 1953 while prices up 145 rupee, now Jeera is getting support at 16800 and below same could see a test of 16675 level, And resistance is now likely to be seen at 17070, a move above could see prices testing 17215.
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Jeera on NCDEX settled up by 0.86% at 16925 because of dwindling supplies due to fag-end of the season. Reports of flat sowing in Gujarat-the largest producing state-may also aided the firm trend. Sowing progress of Jeera in Gujarat until Dec 26 is pegged at 267,100 hectare marginally lower than 268,300 hectare. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year. India's jeera exports are likely to rise 30% to 88,000 ton during Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. Sowing has been good so far and weather conditions are also favorable for jeera crop. As all is going well as exporters are not buying in large quantities but are waiting for the new crop. However, looking at the current trend, buyers may not take a risk and initially demand will be low at the beginning of the new season. According to jeera exporters, while the new season is likely to start in March, farmers have gradually begun accepting payment digitally, and have therefore been able to ensure steady supply. At Jodhpur(Raj.) market in Jodhpur, sources reported arrivals at 125 quintals, lower by 275 quintals from previous day’s arrivals. At New Delhi market , arrivals were reported at 2000 quintals, down by 4000 quintals as against previous day. In Unjha, a key spot market in Gujarat, jeera edged up by 140.6 rupees to end at 18340.6 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 5.85% to settled at 1953 while prices up 145 rupee, now Jeera is getting support at 16800 and below same could see a test of 16675 level, And resistance is now likely to be seen at 17070, a move above could see prices testing 17215.
