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WEEKLY Jeera: Spot Prices May Remain Range-Bound With Positive Bias

15 Apr 2019 11:01 am
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MUMBAI (Commoditiescontrol) - In NCDEX Spot on 08th April 2019, Cumin/Jeera price in Unjha stood at INR 16,400 per

quintal. On 12th April, it jumped to INR 16,600 per quintal. Also, May contact on 08th April closed at INR 16,205 per quintal which increased to INR 16,480 per quintal on 12 th April.

The increase is attributed to peak in export demand. March and April are the prominent period for cumin exports from India.
Last week jeera was traded in the region of INR 15945 and 16610 per quintal and finally settled the week around INR 16450. Jeera is likely to hold support around 16400-16315-16260 and unlikely to drop below those levels. Expect Jeera up trend to stay for a while and may test the higher resistances in the region of INR 17000 and INR 17300 levels.

During the week, cumin arrivals in Unjha market stood at 208,000 bags as compared to 153,000 bags in the previous week.

Similarly, the modal price of cumin increased from INR 147-148 per kg levels, to INR 150-151 per kg levels at present. In physical markets, the prices are expected to increase slightly and likely to range bound.

(By Commoditiescontrol Bureau) 

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