Jeera settled down by -0.31% at 16090 tracking weakness in spot demand despite amid strong export demand. Currently, the traders and stockiest are active in the spot market to serve the demand from the domestic market as exports demand dwindle on quality issues. As per third advance estimate of Gujarat State, production is expected at 1.58 lakh tonnes in 2014-15 which is 54.3 per cent lower compared to last years’ production of 3.46 lakh tonnes.
At Rajkot market estimated market supply was at 223 quintal, higher by 13 quintal as against previous day. In Unjha, a key spot market in Gujarat, jeera edged down by -8.35 rupees to end at 17000 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 8.76% to settled at 14046 while prices down -50 rupee, now Jeera is getting support at 15825 and below same could see a test of 15565 level, and resistance is now likely to be seen at 16335, a move above could see prices testing 16585.
At Rajkot market estimated market supply was at 223 quintal, higher by 13 quintal as against previous day. In Unjha, a key spot market in Gujarat, jeera edged down by -8.35 rupees to end at 17000 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 8.76% to settled at 14046 while prices down -50 rupee, now Jeera is getting support at 15825 and below same could see a test of 15565 level, and resistance is now likely to be seen at 16335, a move above could see prices testing 16585.
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