NCDEX Jeera for Nov delivery closed higher on Thursday due to technical buying from the market participants. However, the gain is restricted due to weak physical demand as exports are usually lower during the months of September, October and November. As per government data, Jeera exports during first four month of FY 2017/18 (Apr-Jun) is 49,205 tonnes, down 11% compared to last year exports volume for the same period. Moreover, there are assumptions that the area under jeera may increase by more than 30% in coming rabi season due to higher prices.

Outlook

We expect Jeera Nov futures expected to trade sideways to higher as we saw some fresh buying during last trading day. However, weak physical demand and lower exports may keep the prices sideways. There are reports of diminishing in case of improved exports demand may support prices.

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