COMMODITY MARKET REPORT UPDATE

Jeera trading range for the day is 17385-17835.Jeera prices ended with losses on account of subdued demand from local parties at the spot market.Jeera output in India may fall by 12 per cent to 387,000 tonnes during 2016-17 due to lower acreage and adverse weather conditions.Gujarat has reported a fall in area under the crop by six percen to 278,700 hectares in 2016-17, from 295,200 hectares in 2015-16.In Unjha, a key spot market in Gujarat, jeera edged down by -141.65 Rupees to end at 18525 Rupees per 100 kg.


Turmeric trading range for the day is 6510-6770.Turmeric prices ended with losses on anticipation of better supplies of new turmeric crops from the producing belts.As per production estimate, Turmeric production reported higher by around 7.5% during current year.At Nizamabad market arrivals were reported at 8000 quintals, higher by 4500 quintals as compared to previous day.In Nizamabad, a major spot market in AP, the price ended at 7372.2 Rupees dropped -25.15 Rupees.

 

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Gold Gains was noted in the prices of MCX Refined gold. Levels of INR 28555 per 10 grams was noticed during the closing, with an uptick of 0.71%. The prices also surpassed INR 28500 per 10 grams which means that further appreciation will remain active. If gains occur from here it can take yellow metal towards INR 28700 and 28900 per 10 grams. On lower side, Gold will be supported at Rs 28500 per 10 grams. The high of Gold was at INR 28560 per 10 grams and a low of INR 28336 per 10 grams was tested during the day. The prices closure above INR 29000 per 10 grams will be critical. 

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