Jeera Prices Dropped As Harvesting Have Started Which May Complete By This Month.

Jeera yesterday settled down by -4.32% at 30020 as harvesting has started in the Cumin growing regions and it is in the process and may get complete by the end of this month. As a result, new crop arrivals are likely to enter in bulk quantities from the last week of Feb or the first week of March in the spot market. Some damage has been reported in Gujarat, Banaskantha region due to very low temperatures and frost impact. However, overall crop condition is quite good in the Gujarat area as compared to Rajasthan's key growing regions. The early sown crop has been harvested and its arrivals in the Unjha benchmark are reported at 150-250 bags (15%-20% moisture content) on an average daily basis. Jeera exports during Apr-Dec 2022 dropped by 15.91 percent at 146,065.90 tonnes as compared to 173,703.10 tonnes exported during Apr-Dec 2021.

In the month of December 2022 around 12,798.15 tonnes jeera was exported as against 11,235.11 tonnes in November 2022 showing a rise of 13.91%. In the month of December 2022 around 12,798.15 tonnes of jeera was exported as against 12,385.20 tonnes in December 2021 showing a rise of 3.33%. Production of spices in India is likely to have declined 1.5% on year to 10.9 mln tn in 2021-22 (Jul-Jun), according to data from Spices Board India. The country had produced 11.0 mln tn of spices in the previous year. Jeera production was seen at 725,651 tn, down 8.8% on year due to lower acreage in Rajasthan and Gujarat, the key producer, according to data from Spices Board India. According to fourth advanced estimates by the Gujarat government, jeera production is seen to fall by 44.5 percent to 221500 tonnes in 2021-22 on yoy basis. In Unjha, a key spot market in Gujarat, jeera edged down by -584.75 Rupees to end at 30762.4 Rupees per 100 kg.

Technically market is under long liquidation as the market has witnessed a drop in open interest by -4.76% to settle at 3600 while prices are down -1355 rupees, now Jeera is getting support at 29400 and below same could see a test of 28785 levels, and resistance is now likely to be seen at 30930, a move above could see prices testing 31845.

Trading Ideas:
# Jeera trading range for the day is 28785-31845.
# Jeera prices dropped as harvesting has started in the Cumin growing regions and it is in the process and may get complete by the end of this month.
# Global production will be higher at 4.35 lt against 4.08 lt.
# But net supplies from India are projected 7 percent lower.
# In Unjha, a key spot market in Gujarat, jeera edged down by -584.75 Rupees to end at 30762.4 Rupees per 100 kg.