Today NCDEX Jeera Call – BUY 2 lot Jeera Unjha Nov at CMP 15510, Add more if Price 15400 with SL Below price 15290 for Target 16780 – 16910, Valid for today & Monday
Jeera futures continue to trade higher on Thursday due to pickup in spot demand and lower level buying by the market participants. NCDEX Nov’16 Jeera closed 0.27% higher to close at Rs 16,555 per quintal. There are reports good sowing prospects for jeera in Gujarat and Rajasthan is pressuring the prices. According to the trade sources, jeera exports may have raise by 29% to 58,000 tonnes in Apr-Aug compared to last year figure of 45,000 tonnes. The physical stocks are dwindling with the stockists but anticipation of good crop in the next season pressurizes the prices in the futures market.
According Department of commerce data, the exports of Jeera in the first four months (Apr-Jun) of 2016-17 is at 51,904 tonnes, higher by 61.5% compared to last year same time.
The exports of jeera during July 2016 decrease 20% m/m to 7,881 tonnes but increase y/y by 27.3%. As per 4thadvance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt.
Jeera Outlook : We expect Jeera futures to trade sideways as domestic and exports demand are picking up at lower levels. Moreover, the stockists are selling their stocks in the domestic market on expectation of better crop next year is pressurizing prices.