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Jeera yesterday settled up by 1.46% at 33795 as demand has improved in the export and domestic market due to the Ramadan season ahead. Buyers get active in most of the markets with the commencement of new crop arrivals. Strong supply pressures are reported in the market at 7,000 bags, higher by 1,000 bags as farmers and stockists are anticipating corrections in prices with the improved crop conditions due to favorable weather conditions in key producing states. Some damage has been reported in Gujarat, Banaskantha region due to very low temperatures and frost impact. However, overall crop condition is quite good in the Gujarat area as compared to Rajasthan’s key growing regions.
Jeera exports during Apr-Jan 2023, dropped by 17.85 percent at 1,54,782.65 tonnes as compared to 1,88,428.54 tonnes exported during Apr-Jan 2022. In January 2023 around 8,716.71 tonnes of was exported as against 12,798.15 tonnes in December 2022 showing a drop of 31.89%. In January 2023 around 8,716.71 tonnes of jeera was exported as against 14,725.40 tonnes in January 2022 showing a drop of 40.80%. According to fourth advanced estimates by the Gujarat government, jeera production is seen to fall by 44.5 percent to 221500 tonnes in 2021-22 on yoy basis. In Unjha, a key spot market in Gujarat, jeera edged down by -234.5 Rupees to end at 32833 Rupees per 100 kg.
Technically market is under short covering as the market has witnessed a drop in open interest by -4.2% to settle at 5754 while prices are up 485 rupees, now Jeera is getting support at 33090 and below the same and could see a test of 32385 levels, and resistance is now likely to be seen at 34220, a move above could see prices testing 34645.
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