NCDXE Jeera Market Update News
Jeera on NCDXE settled up by 0.62% at 17145 due to tight stocks due to lower output last year. Jeera sowing stood at 276,000 hectare in Gujarat until now versus 268,000 a year ago. However, reports of adverse weather in the producing centres are a concern. Prevailing above normal temperature in producing centres may hit the growth of plants. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year.
As per traders, India's jeera exports are likely to rise 30% to 88,000 ton during Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. Sowing has been good so far and weather conditions are also favorable for jeera crop.Technically now Jeera is getting support at 16950 and below same could see a test of 16760 level, And resistance is now likely to be seen at 17305, a move above could see prices testing 17470.
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