According to Angel Commodities, expect Jeera futures to trade sideways today as there is some pressure in the physical market and export demand due to higher prices.
Angel Commodities' report on Jeera
Jeera May futures corrected a little on Thursday on profit booking but lower production estimates by Gujarat Agriculture Department in its 3rd advance estimates for 2016/17 caps further decline. As per third advance estimates for 2016/17, production of Jeera in Gujarat revised down to 2.12 lt, down 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lt.
We expect Jeera futures to trade sideways today as there is some pressure in the physical market and export demand due to higher prices. There is expectation of good physical demand and higher exports in coming months. Profit booking at higher levels may be possible.
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