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Weekly: Spot Jeera Likely To Witness Further Weakness

17 Jun 2019 2:54 pm
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MUMBAI (Commoditiescontrol) - In NCDEX July futures contract, cumin/jeera price during 04 th June 2019 stood at INR 17,915 per quintal which declined sharply to INR 17,240 per quintal levels on 14 th June 2019.

The decline is attributed to poor buying activities in the physical markets. Also, the availability of graded (export standard) quality material is very limited as per the information from buyers. Forecast on July and August 2019 rainfall is positively favourable which can increase the soil moisture for Rabi sowing.

Cumin arrivals during the week in Unjha market stood at 33,000 bags. In Physical market, the modal price of cumin declined to INR 153 per kg levels from INR 158 per kg levels. Harvest in Syria and Turkey starts from post mid-June however the major destinations are focusing on Indian cumin.

Jeera

Last week range 17975---17210

Settled 17270, below key support to signal further weakness till 16800-16700-16500

Resis-17500-17600-17750

As we rightly mentioned last week Jeera came under renewed pressure and may probably retest 16900- 16700-16500 going forward.

(By Commoditiescontrol Bureau)

       
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