August 20, 2017

MTECHTIPS

MTECHTIPS:Jeera futures may trade lower on sluggish demand

Jeera futures are expected to trade lower as demand from domestic buyers is sluggish. Also, as per the trade source, the sowing is expected to gain momentum in the coming days. On Tuesday, arrivals in Unjha were around 5000 bags (1bag=55kg), down from 8000 bags arrived on Monday. The spot price for the spice traded at Rs.14500 per 100kg. However, expectation of strong export demand and decline in daily arrivals are likely to support the prices at lower side. According to markets sources about 75 percent exports target has already been achieved due to lack of supplies from Syria on back of the ongoing civil war. Supply concerns from Syria and Turkey still exists. Consequently, the export orders are still expected to be diverted to India from the international markets.

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