MCX JEERA NEWS : 11.01.2017
Jeera on NCDEX settled down by -1.95% at 16810 on expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year. Though, some losses were capped on rising demand from the stockists and traders at the spot market. 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. As per industry data, India exported about 100,000 tonnes of the spice during April to December and more than 20,000 tonnes of additional export would be possible during the next two months. As against this, India's total jeera exports were 98,000 tonnes in 2015-16. In Unjha, a key spot market in Gujarat, jeera edged up by 8.35 rupees to end at 18283.35 rupee per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 1.84% to settled at 3327, now Jeera is getting support at 16615 and below same could see a test of 16420 level, And resistance is now likely to be seen at 17115, a move above could see prices testing 17420.
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Jeera on NCDEX settled down by -1.95% at 16810 on expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year. Though, some losses were capped on rising demand from the stockists and traders at the spot market. 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. As per industry data, India exported about 100,000 tonnes of the spice during April to December and more than 20,000 tonnes of additional export would be possible during the next two months. As against this, India's total jeera exports were 98,000 tonnes in 2015-16. In Unjha, a key spot market in Gujarat, jeera edged up by 8.35 rupees to end at 18283.35 rupee per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 1.84% to settled at 3327, now Jeera is getting support at 16615 and below same could see a test of 16420 level, And resistance is now likely to be seen at 17115, a move above could see prices testing 17420.
