MCX JEERA NEWS : 13.01.2017
Jeera on NCDEX settled up by 1.27% at 17205 due to tight stocks due to lower output last year. Further, fresh export enquiries from China also added support to jeera prices. Jeera sowing stood at 276,000 hectare in Gujarat 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. 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. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -69.25 rupees to end at 18250 rupee per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 5.09% to settled at 3777 while prices up 215 rupee, now Jeera is getting support at 16990 and below same could see a test of 16775 level, And resistance is now likely to be seen at 17340, a move above could see prices testing 17475.AC
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