MCX JEERA NEWS : 12.01.2017
Jeera on NCDEX settled up by 1.07% at 16990 due to physical as well as export demand at the spot market. However upside seen limited on reports of good climatic conditions and hopes of higher yield in the season crop due to higher acreage at the producing belts. 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. At Rajkot market in Rajkot (Guj.), estimated market supply was at 120 quintal, up by 30 quintal as against previous day. At Gondal (Guj.) market in Rajkot (Guj.), estimated market supply was at 400 quintals, down by 205 quintals as compared to previous day. At Unjha market in Mehsana, estimated market supply was at 5000 quintals, higher by 1300 quintals from previous day’s arrivals. In Unjha, a key spot market in Gujarat, jeera edged up by 35.9 rupees to end at 18319.25 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 8.03% to settled at 3594 while prices up 180 rupee, now Jeera is getting support at 16795 and below same could see a test of 16605 level, And resistance is now likely to be seen at 17105, a move above could see prices testing 17225.
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Jeera on NCDEX settled up by 1.07% at 16990 due to physical as well as export demand at the spot market. However upside seen limited on reports of good climatic conditions and hopes of higher yield in the season crop due to higher acreage at the producing belts. 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. At Rajkot market in Rajkot (Guj.), estimated market supply was at 120 quintal, up by 30 quintal as against previous day. At Gondal (Guj.) market in Rajkot (Guj.), estimated market supply was at 400 quintals, down by 205 quintals as compared to previous day. At Unjha market in Mehsana, estimated market supply was at 5000 quintals, higher by 1300 quintals from previous day’s arrivals. In Unjha, a key spot market in Gujarat, jeera edged up by 35.9 rupees to end at 18319.25 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 8.03% to settled at 3594 while prices up 180 rupee, now Jeera is getting support at 16795 and below same could see a test of 16605 level, And resistance is now likely to be seen at 17105, a move above could see prices testing 17225.
