MCX JEERA NEWS : 09.01.2017
Jeera on NCDEX settled up 1.55% at 17040 amid rising demand from the stockists and traders at the spot market. However upside seen limited on expectation of increase in Jeera area in Gujarat state mainly in Sau rashtraand Kutch zone current year. 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. Jeera exporters may not face the problems that cotton, groundnut or other commodities exporters are facing due to the cash crunch post demonetisation. The new season for jeera will start in March, by which time exporters may be able to source the required stocks. At Patan market in Patan(Guj.), sources reported arrivals at 36 quintals, up by 34 quintals from previous trading day. At New Delhi market arrivals were reported at 2000 quintals, steady as against previous day’s arrival. At Jodhpur(Raj.) market in Jodhpur, total arrivals are at 100 quintals, down by 200 quintals as compared to previous day. Technically market is under fresh buying as market has witnessed gain in open interest by 20.58% to settled at 2514 while prices up 260 rupee, now Jeera is getting support at 16743 and below same could see a test of 16447 level, And resistance is now likely to be seen at 17223, a move above could see prices testing 17407.
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Jeera on NCDEX settled up 1.55% at 17040 amid rising demand from the stockists and traders at the spot market. However upside seen limited on expectation of increase in Jeera area in Gujarat state mainly in Sau rashtraand Kutch zone current year. 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. Jeera exporters may not face the problems that cotton, groundnut or other commodities exporters are facing due to the cash crunch post demonetisation. The new season for jeera will start in March, by which time exporters may be able to source the required stocks. At Patan market in Patan(Guj.), sources reported arrivals at 36 quintals, up by 34 quintals from previous trading day. At New Delhi market arrivals were reported at 2000 quintals, steady as against previous day’s arrival. At Jodhpur(Raj.) market in Jodhpur, total arrivals are at 100 quintals, down by 200 quintals as compared to previous day. Technically market is under fresh buying as market has witnessed gain in open interest by 20.58% to settled at 2514 while prices up 260 rupee, now Jeera is getting support at 16743 and below same could see a test of 16447 level, And resistance is now likely to be seen at 17223, a move above could see prices testing 17407.