Fundamental information on JEERA-Bearish

[jack2k1]

Market News
Today Spot market opened Rs.25-50 down with arrivals of 4000-5000 bags in Unjha mandi.

Yesterday Jeera felled Rs.20-50 per 100kg in Unjha mandi.

NCDEX quality cost 14800-15300.

In the international market, Syrian and Turkeys cumin seed is being offered at USD 3,500 and USD 3,500 per ton (fob) respectively while; Indian cumin seed is quoted at USD 3,250-3,350 per ton (cnf) Singapore.

Previous week spot and future both market closed downside.
Arrivals seen 5000 7000 bags per day compared to 6,000 8,000 previous week.

 

[jack2k1]

Re: Fundamental information on JEERA- still Bearish trend

Jeera futures continued the bearish trend on mixed sentiments prevailing. Absences of fresh cues from spot long
with rising sowing prospects pulled down the prices and futures ended the day in red.

Outlook
Jeera prices are expected to trade lower on continued selling pressure during the day. Rising sowing prospects
might weigh on market sentiments. Stock available at spot market is around 5-6 lakh bags. However, according
to trade sources, sentiments at spot market are firm for short to medium term due to limited stocks and improved exports.
Therefore, prevailing uncertainties might create volatility in prices. According to Spices Board,
jeera exports from April-10 to August-11 have declined to 9500 tons down by 39% against the same period last
year. According to derivative analysis, open interest has increased while prices and volumes have declined.
It is a good indication that market is running out of traders willing to open or hold an open position. Traders are liquidating both loosing long positions & closing winning short positions. A higher probability the market is set to retrace in price.