Yesterday Jeera Futures Traded on a negative Notes

Yesterday Jeera futures traded on a negative note almost -0.38% lower due to profit taking from higher levels. Huge carryover stocks also put pressure on the prices. Prices gained over the last few weeks on overseas demand and firm exports data. Arrivals between at 14000-15000 bags against 10000 bags yesterday in Unjha market.

Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Production is also expected to fall in Syria and Turkey due to crop failure.

Technical Outlook:-

                                               Unit          Support           Resistance

Jeera NCDEX Nov Futures   Rs./qtl    11560-11650     11845-11950

Market Highlights:-

                                                                              

                                                                                   % Change
                                      Unit      Last      Prevday    WoW      MoM      YoY

Jeera Spot-NCDEX       Rs./qtl     11559      0.51        1.60     6.93      -11.37

Jeera-NCDEXNovFut   Rs./qtl    11560     -0.86        2.53       8.34       -8.31