JEERA TO ENCOURAGE STOCKIEST BUYING AT LOWER LEVELS
14th March – 2012
Jeera futures are likely to
remain supportive in the near term due to strong off take of both exporters and
stockiest in the major mandies. Traders are expecting the strong buying to
emerge at around Rs 12400-12600 per quintal in the near term. www.goldennifty.com
As per market sources, most of
exporters have witnessed active participation in the major mandies due to
strong export enquiries. Traders mentioned that exporters have bought almost
80% of the total daily supplies from local mandies as fresh supplies from Syria
and Turkey are likely to delay by almost one month in the current year due to
weather concerns during the sowing period. India is currently exported almost
8-9 lakh bags of jeer annually from the total production of around 27-28 lakh
bags. But this year, traders are expecting the total exports to reach in the
range of 11-12 lakh bags.
Moreover, weak opening stocks
in the current year might also incite the strong buying of stockiest and
hedgers at every decline. Traders estimated the total opening stocks of around
1.5-2 lakh bags in the current year against 7-8 lakh bags that were reported in
the last year.
Therefore, strong demand of
stockiest and exports might auger some buying in jeera futures at lower levels.
The NCDEX Jeera March futures shrugged off by almost Rs 1000 per quintal in the
last one week to trade at Rs 12850 per quintal. Technically , prices are likely
witness some buying at around Rs 12400-12600 per quintal while resistances are
likely at Rs 13800-14000 per quintal in the near term.
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