Jeera Prices Gained As Arrival Pace Has Started Slowed Down.

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Jeera Prices Gained As Arrival Pace Has Started Slowed Down.

Jeera prices saw a marginal increase of 0.04% yesterday, settling at 27840, as the arrival pace slowed down due to stockists and farmers holding back their stocks for better price realization. The arrival of jeera at major APMC mandies across India increased slightly in the first week of May, indicating a stable supply. Export demand is expected to rise at current rates, supporting the upward movement in jeera prices. Robust export demand, coupled with aggressive buying by stockists, also contributed to the market's support. Global buyers are preferring Indian jeera due to tightening global supplies, further bolstering prices. 

The sowing area for cumin in major producing regions like Gujarat and Rajasthan increased significantly this year, leading to a record production of cumin in Gujarat. Rajasthan also saw a substantial increase in cumin production, resulting in a two-fold increase in production compared to the previous year. This surge in production is expected to lead to a substantial increase in cumin exports in 2024, following a decline in exports in 2023 due to domestic price volatility. Despite the overall decline in jeera exports during Apr-Mar 2024 compared to the previous year, there was a significant increase in exports in March 2024 compared to February 2024 and March 2023. 

From a technical standpoint, the market is witnessing fresh buying, with a 3.16% increase in open interest while prices rose by 10 rupees. Currently, jeera has support at 27560, with potential testing at 27280 if it falls below this level. Resistance is expected at 28210, with a move above potentially pushing prices to 28580.

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