Tuesday 10 February 2015

JEERA TURNS BEARISH ON DEMAND CONCERN

Jeera NCDEX, Agri Commodity Tips, free agri calls, jeera trading tips, agri intraday

Jeera prices were trading lower on Tuesday at the NCDEX on account of a surge in the supply from the producing regions in the midst of a decline in the export demand.
NCDEX Jeera February contract slipped by 1.27 per cent to 13625 . Jeera February contract is likely to trade bearish for short term and side ways for intra day.
“Short term support seen at 13300 and resistance at 14100. Intraday support is seen at 13500 and resistance at 13850".
Latest report from Spices Board of India indicates pickup in exports during April-Sept 2014 period at 87500 tonnes (up from 70243 in April-Sept 2013) – a rise of 25% in quantity and 2% in value.
The exports have already shot up 40% during the 1st half of the quarter. It is expected to remain high in coming months too – which could create a Bullish sentiment in the long term for the commodity. Finally a fall in area as reported amidst adverse weather conditions in growing areas could help keep market sentiments firm in the medium term.

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