Jeera Due For More Correction

Published 05/22/2012, 11:00 AM

Jeera trading range for the day is 13179-13823. Support for Jeera is at 13314 below that could see a test of 13178. Resistance is seen at 13637 above that could see a resistance of 13823. In Unjha, a key spot market in Gujarat, Jeera gained 109.8 rupees to end at 13743.15 rupees per 100 kg. 

Jeera prices sojourned into a range bound trade as steady arrivals kept a cautious mood report by India Infoline.

Jeera June contract dropped Rs 50 and settled at Rs 13450 per quintal on profit booking after prices gained on strong overseas demand even as supplies declined with the season almost over. The contract made intraday low of Rs 13365 a kg and high of Rs 13687.5 a kg. 

Jeera Futures are likely to witness further correction on expectation that arrivals might improve tracking higher price quotes. However, expectation of fresh overseas demand is likely to support prices in the short term. 

According to Edelweiss Comtrade all spice commodities were settled up in positive territory on account of buying at lower price level and lower arrivals in the major mandis except NCDEX. Jeera is expected to trade in positive territory for short period of time.

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