During first week of March 2019, cumin arrivals in Unjha market stood at 95,000 bags and peak arrival has almost started. Corresponding to sharp increase in arrivals, the physical market price witnessed a gradual decline. Currently, the minimum and maximum price ranges between INR 140 and INR 170 per kg levels respectively.
Technical-NCDEX April-2019-Review and outlook
Jeera is on a decline since it hit an all time high of INR 21000 per quintal during Nov-2018.
Recently during last week of Feb (April contract made a low of INR 14965 per quintal)
So expect rebound in Jeera price going forward and is expected to trade higher towards INR 16000-16400 per quintal and may invite selling pressure as new crop arrivals are expected to peak in the coming weeks.
In the near term prices are unlikely to drop below the key support of INR 15000 per quintal
For the near term traders may consider buy on dips as downside is limited.
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