Jeera futures traded sideways last week due to reports of good progress in Gujarat. The demand for exports supported the jeera prices during the first three days of the week. NCDEX Jan’17 Jeera closed 0.11% lower last week to close at Rs 17,420 per quintal.
As per traders, India's jeera exports are likely to rise 30% to 88,000 tn in Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. The progress of Jeera sowing in Gujarat is good. As on 12-Dec-16, Gujarat farmers have planted jeera in 2,267300 hectares, up by 13.8% compared to last year acreage of 1,99,200 hectares same period.
Outlook
We expect Jeera futures to trade sideways on expectation of good demand in the physical market as supplies have been lower. However, the reports good sowing progress and lower demand at higher levels may be negative for the prices.
Source: moneycontrol.com