According to Angel Commodities, We expect Jeera futures to trade sideways, as domestic demand seems to be steady while the exports are not picking up at current levels.
Jeera futures continue to trade lower on Tuesday due to lower domestic and export demand. Moreover, reports good sowing prospects for jeera in Gujarat and Rajasthan too pressurize prices. NCDEX Nov’16 Jeera closed 0.15% down to close at Rs 16,255 per quintal.
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.
We expect Jeera futures to trade sideways, as domestic demand seems to be steady while the exports are not picking up at current levels. Moreover, the stockists are selling their stocks in the domestic market on expectation of better crop next year is pressurizing prices.
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