MUMBAI (Commoditiescontrol) - During the week, Unjha market received 128,000 bags of jeera/cumin in which around 101,000 bags were sold out. The price of jeera (Uncleaned/excluding taxes) ranged between INR 145-175 per kg levels.
The modal price ranged between INR 146-148 per kg levels. Despite prevailing lower domestic price, recent INR appreciation against USD is likely to pull down the export demand slightly. Weekly average FOB of price of jeera (99% Singapore cleaned – Ex Mundra) stood at USD 2246 per MT.
Technical-NCDEX Jeera April-19
Jeera last week traded in the region of INR 15260 and 15695
Downside seems to be limited, with 15220 to act as near term support
Above 15850 to confirm bullishness with—16100-16200 as next potential targets
Buy on dips preferred as downside is limited
Any rebound should be considered as near term opportunity to initiate sell with targets of INR 5900-5800
(By Commoditiescontrol Bureau)