MCX JEERA NEWS : 10.01.2017
Jeera on NCDEX settled up by 0.62% at 17145 due to tight stocks due to lower output last year. Jeera sowing stood at 276,000 hectare in Gujarat until now versus 268,000 a year ago. However, reports of adverse weather in the producing centres are a concern. Prevailing above normal temperature in producing centres may hit the growth of plants. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year. As per traders, 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. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -71.45 rupees to end at 18275 rupee per 100 kg.Technically now Jeera is getting support at 16950 and below same could see a test of 16760 level, And resistance is now likely to be seen at 17305, a move above could see prices testing 17470.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Jeera on NCDEX settled up by 0.62% at 17145 due to tight stocks due to lower output last year. Jeera sowing stood at 276,000 hectare in Gujarat until now versus 268,000 a year ago. However, reports of adverse weather in the producing centres are a concern. Prevailing above normal temperature in producing centres may hit the growth of plants. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year. As per traders, 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. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -71.45 rupees to end at 18275 rupee per 100 kg.Technically now Jeera is getting support at 16950 and below same could see a test of 16760 level, And resistance is now likely to be seen at 17305, a move above could see prices testing 17470.
