Investing.com - Financial Markets Worldwide

Jeera opens dull, likely to witness correction late noon

ByCommodityOnline
Published 05/23/2012, 02:20 AM
Updated 05/14/2017, 06:45 AM

Jeera trading range for the day is 12570-13730. Support for Jeera is at 12770 below that could see a test of 12570. Resistance is seen at 13350 above that could see a resistance of 13730. In Unjha, a key spot market in Gujarat, Jeera dropped -176 rupees to end at 13567.15 rupees per 100 kg. 

Jeera June contract dropped Rs -500 and settled at Rs 12970 per quintal on the back of poor demand from the domestic as well as overseas buyers. The contract made intraday low of Rs 12950 a kg and high of Rs 13530 a kg. Jeera succumbed to downward pressure settling below the Rs13,000 mark for the first time in 3 weeks.

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. In the medium to long term prices are likely to witness a bounce back as there are limited stocks with Syria and Turkey and crop there is 30% short of last year.

According to Karvy Commtrade Jeera futures prices are projected to continue the corrections on liquidation of positions. Despite of declining arrivals prices are falling at spot front which is also weighing on futures prices. Reduced demand from local buyer due recent hike in prices is creating pressure on prices. However, traders are still expecting that these corrections might remain limited as prices will improve in near term due to lean season demand.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.