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Expect Jeera futures to trade sideways to down: Angel

According to Angel Commodities, We expect Jeera futures to trade sideways to down on expectation lower physical demand.

August 23, 2016 / 05:40 PM IST

Angel Commodities report on JeeraJeera Jeera futures traded on negative note on decline in demand in the physical market. NCDEX Sep’16 Jeera closed 2.31% lower to close at Rs 18,145 per quintal. The export demand expected to pick up as prices have corrected enough in last 2 weeks. There is good demand from China and other countries and may support the prices. In the next few months, the prices will depend on export demand. According to Dept of Commerce, the exports of Jeera in the first two month of 2016-17 increased by more than 82.5% at 33,908 tonnes compared to last year same time. As per the trade sources, India's jeera exports rose nearly 25% to around 50,000 tonnes in Apr-Jul from 40,000 tn in the year-ago period due to good demand from China and Bangladesh. China imported 1,500-1,700 tn jeera in last 15 days. As per 4thadvance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt. Outlook We expect Jeera futures to trade sideways to down on expectation lower physical demand. However, pick up in export demand coupled with dwindling supplies with stockists may support prices in coming months.For all commodities report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Aug 23, 2016 04:51 pm

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