Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    

| More

Jeera hit all time high on export demand, diminishing stocks: Angel Commodities Broking

Posted On: 2017-11-20 09:52:56

Mr. Ritesh Kumar Sahu (Fundamental Analyst - Agri Commodities, Angel Commodities Broking):

"Jeera futures hit all time high today on expectation improving export demand and diminishing stocks with the stockists and traders at the end of the season. The most active December delivery contract on National Commodities and derivative Exchange (NCDEX) touched Rs. 20,400 per quintal. Jeera Dec futures increase by about 8.8% or Rs. 1,645 a weeks' time.

Cumin exports from the country have been little lower this year as compared to last year due to higher prices but the exports are expected to picking up during the last four months of current calendar year. As per the market sources, the prices in other jeera markets, Syria and Turkey is higher due to negligible stocks.

According to the Department of Commerce, Cumin seed exports during the first five months of 2017/18 pegged at 63,085 tonnes compared to 64,757 tonnes last year for the same period. However, cumin seed exports during the month of August 2017 surged about 46% to 13,879 tonne on year and expected to be higher in coming months as well due to strong demand from Vietnam and Bangladesh.

According to market sources, India's exports of Jeera are likely to have risen to 70,000 tonnes in April-September, 2% higher than the last year exports. The export volumes are consider to be very encouraging due to fact that the prices have been on higher side this year due to lower production and good quality.

Gujarat is the largest cumin sowing state in the country and planting started in the districts of Banaskantha, Patan, Ahmedabad and Surendranagar. As per latest report by Department of Agriculture Gujarat, cumin acreage in the state was about 60,000 hectares against 36,600 hectares sown during same period last year. However, cumin seed acreage may increasing by about 8-10 per cent in Gujarat and Rajasthan in 2017-18, as farmers have earned good profits last year.

Jeera prices have surged during the month of November due to improving physical demand against limited stocks with the physical traders. However, stocks in the NCDEX warehouse are highest during this time of the year at 6,172 tonnes compared to last three years. Moreover, Exchange has delivered about 7,776 tonnes in last three months, which is also highest in last three year for the same period.

As per NCDEX data, long position for the top 10 trading clients increased to 6,351 lots in a weeks' time on 17th November from 5,853 lots while short positions for top ten clients down to 4,014 lots from 4,212 lots during the same period.

Jeera futures for December delivery may trade higher towards Rs. 21,000 from the current levels (CMP: Rs. 20,300) in the coming weeks on strong demand and limited stocks. However, the price may correct if export and domestic demand cools down because of higher prices while expectation of higher acreage may also pressurize prices as the season progresses."

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Maize Shortage Affects Small and Medium Poultry Farmers, Government Urged to Import

Spices rallied on lower monsoon and higher export demand: Angel Broking

Views on Bullion & Crude: Angel Broking

Brent crude oil rising: Angel Broking

Mustard future tumbled close to 11: Angel Broking

IMD prediction of near normal monsoon to impact agri commodities negatively: Angel Broking

Edible Oils: Angel Broking

Gold may rise on back of lower US bond yields: Angel Broking

FYERS - Launches Multi Commodity Exchange (MCX) for Traders

Nickel supply woes to ease as Philippine audit clears 23 mines: Angel Commodities Broking

Technical selling activity hits aluminium: Angel Commodities Broking

Chana futures hit fresh low after relaunch last year: Angel Commodities Broking

Phillipines' fresh curbs to buoy Nickel: Angel Commodities Broking

Comfortable supplies in oil markets - will oil prices rally further? Angel Commodities Broking

Nickel rallies to the top: Angel Commodities Broking

Oil prices to correct, WTI headed towards $62: Angel Commodities Broking

Guar to trade higher in coming weeks: Angel Commodities Broking

MCX Aluminium hits record high on supply woes: Angel Commodities Broking

Cotton positive on export demand, reduce acreage: Angel Commodities Broking

Trump's hard line protectionism stance draws ire: Angel Commodities Broking

Robust imports, Steel curb extension boost metals: Angel Commodities Broking

Castor seed prices may correct due to arrival pressure: Angel Commodities Broking

US import curbs cushion Aluminium: Angel Commodities Broking

Jeera down on reports of higher production prospects: Angel Commodities Broking

Cotton may trade lower on anticipation of improved arrivals: Angel Commodities Broking

Correction in the metals pack - An opportunity for longs? - Angel Commodities Broking

OPEC and its output cap, the never ending story: Angel Commodities Broking

Nickel resumes its freefall after a brief rally: Angel Commodities Broking

Edible oil slipping from 10 month high on record imports and higher oil seed production in 2016/17: Angel Commodities Broking

Sluggish Chinese economy hits base metals: Angel Commodities Broking

Will the rally continue for oil prices? Angel Commodities Broking

Battery demand prospects fuel Nickel to two-year high: Angel Commodities Broking

Castor seed heading for first monthly loss in 5 months in October: Angel Commodities Broking

Mustard prices likely to trade higher in coming month on improved demand: Angel Commodities Broking

Aluminium rules the commodity charts: Angel Commodities Broking

Zinc shines bright thanks to supply woes, China's RRR cut: Angel Commodities Broking

Weekly Agri-Commodities Update | Angel Commodities Broking

Double whammy of North Korea, S&P downgrade hits metals: Angel Commodities Broking

Early Chinese output cuts boost metals: Angel Commodities Broking

Weekly Agri-Commodities - Update - Angel Commodities Broking

Profit booking, weak Chinese data bother base metals: Angel Commodities Broking

Safe haven play back in gold: Angel Commodities Broking

Weekly Agri-Commodities Update - Angel Commodities Broking

Steel rally, Chinese demand prospects - win-win for base metals: Angel Commodities Broking

Turmeric surge on diminishing arrivals and improving demand: Angel Commodities Broking

Weekly Agri-Commodities Update - Ritesh Kumar Sahu - Angel Commodities Broking

Bull run in metals far from over: Angel Commodities Broking

Safe haven play back in precious metals, Oil falls on over supplied markets: Angel Commodities Broking

Weekly Agri Commodities Update: Angel Commodities Broking

Castor Prices surge on higher exports, crop damage: Angel Commodities Broking

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019