Ncdex Jeera Market Update

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Jeera settled up by 0.11% at 13975 on short covering after prices dropped due to higher sowing following favourable weather in the producing belts. However, anticipation of growing demand amid declining stocks with the stockists limited the downside. Gujarat, the top cumin producing state, has planted more cumin until Jan 05, 2016 compared to last year sowing progress. In Gujarat, jeera is planted about 7% more area at 2,83,000 hectares compared to 2,64,400 hectares last year same time. As per data, arrivals of Jeera in Gujarat markets for the calendar year 2015 till Oct is lower by 217 per cent at about 1.23 lt compared to 3.9 lt last year. According to Dept of Commerce data, the export of jeera during first 6 month of 2015-16 (Apr-Sep) is 44,140 tonnes, which is, lower as compared to last year same period. Jeera (cumin) exports have been 1.55 lt in 2014-15. According to govt data, exports for 2015-16 shows a decline trend compared to last year until September.

Trading Ideas:
Jeera trading range for the day is 13705-14225.
Jeera settled up on short covering after prices dropped due to higher sowing following favourable weather in the producing belts.
However, anticipation of growing demand amid declining stocks with the stockists too supported prices.
NCDEX accredited warehouses jeera stocks dropped by 99 tonnes to 2023 tonnes.
In Unjha, a key spot market in Gujarat, jeera edged down by -94.65 rupees to end at 14693.35 rupee per 100 kg.