Weekly Jeera: Prices May Move Higher From Current Levels

MUMBAI (Commoditiescontrol): Cumin/jeera arrivals in Unjha and Jodhpur market during the week stood at 86,500 bags. Arrivals witnessed a gradual decline in Unjha market indicating the ending of peak arrivals season.

The modal price of cumin (uncleaned) is ranging between INR 155-157 per kg levels. Similarly, NCDEX june contract reached INR 170 per kg levels from INR 172 per kg.

However, in coming days, the market may increase from the current levels given the major import destinations are depending on Indian cumin. INR against USD to be watched which may trigger the price upwards in short run.

NCDEX Jeera-Jun-2019(Cumin)

Last week range 17190 and 16915, settled around 16980

Possibility of prices correcting further not ruled out in the coming week

Support -16700 and below to drop till 16300, which should considered as good levels to buy

For short-term anything around 17100 should considered as good levels to enter short with stop-loss of 17200

(By Commoditiescontrol Bureau)