Jeera Could Move Up In Near-Term

Jeera trading range for the day is 12109-12513. Support for jeera is at 12239 below that could see a test of 12108. Resistance is now seen at 12442 above that could see a resistance of 12513.

Jeera May futures prices witnessed small recovery on Monday after falling for 3 consecutive session. Prices started the day on lower note on extended downtrend, however, later on prices turned positive on short covering at lower levels.

Declining arrival along with rising export demand from Bangladesh and other neighboring countries is likely to support prices in near term as per Karvy Commtrade Ltd.

Reports of steady production estimates for Syria and Turkey due to poor sowing progress might support Indian jeera prices to move up in near-term.

Total daily arrivals have reduced some momentum in all the major mandies in the last week due to dearth of selling by farmers at lower levels. The total daily arrivals have reduced to 18000-20000 bags from 40000-42000 bags in the last week.

In Unjha, a key spot market in Gujarat, jeera dropped -8.85 rupees to end at 12729.4 rupees per 100 kg. The contract made intraday low of Rs 12180 a kg and high of Rs 12382.5 a kg.

NCDEX Chili Set To Fall

NCDEX Chili settled up mainly on account of short covering despite higher production cues and steady arrivals in the spot market and is likely to fall up to Rs.4500 for NCDEX May contract.

Chili June futures prices are projected to continue the recovery on fresh buying during earlier trading hours. Declining arrivals towards the closing month might cushion the prices. However, the overall trend is likely to remain subdued due to sluggish activity at spot front.

Chili harvesting has already begun in Karnataka and fresh arrivals have gained momentum in local mandies. Moreover, in Karnataka poor quality of chili is arriving which is resulting in sluggish off take in major mandies according to Karvy Commtrade research.

Cardamom prices are expected to continue the recovery on back of improved quality arrivals at spot front. However, overall trend might remain weak on rising hopes of normal monsoon after IMD’s predictions.

Karvy Commtrade Ltd. Further says futures prices started the day on lower note on extended down trend. However, later on prices recovered from huge losses on lower level buying and futures prices ended on higher note.