Mar 17, 2017 02:54 PM IST | Source: Moneycontrol.com

Jeera prices to trade sideways today: Angel Commodities

According to Angel Commodities, Jeera March future edged higher on Thursday as market participants are expecting good exports demand in coming weeks. The prices have increase with increase in both volume and Open Interest which suggest a strong market. The arrivals have been good in the physical market.

Jeera prices to trade sideways today: Angel Commodities

Angel Commodities' report on Jeera

Jeera March future edged higher on Thursday as market  participants are expecting good exports demand in coming weeks. The prices have increase with increase in both volume and Open Interest which suggest a strong market.  The arrivals have been good in the physical market. As per Agmarknet data, during Mar 1 - 15 about 21,513 tonne s of jeera arrived compared to 6,120 tonnes during last month same period. On the export front, Jeera exports from country increase by 26.9% to 1.33 lt for the calendar year 2016 while the exports increase by 36.7% to 93,724 tonnes in first 9 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt.

Outlook

We expect Jeera futures may trade sideways on improving supplies. Uncertain export demand for new season crop is keeping the prices little volatile. There are reports of lower production estimates in Gujarat and improved exports in 2016/17 financial year.  Turmeric may trade lower as the supplies from new season turmeric increase many fold in current month compared to last month. The upcountry and spot demand is also steady and not picking up.

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