August 16, 2017

MTECHTIPS

MTECHTIPS:Weak trend may continue in Jeera futures

Jeera fut extended the weak trend due to lack of cues from the major spot market. The key Unjha market in Gujarat remained closed due to Assembly elections.The market is closely eyeing the progress of jeera sowing in Gujarat during the current rabi season for fresh cues.However,as per the latest reports from Ministry of Agriculture of Gujarat, the total sowing acreage of jeera as on 3rd December 2012 was reported as 2.21 lakh hectares, up almost 15 percent from same period last year.Still, weak sowing progress in Rajasthan and projected rise in demand from overseas markets along with lower arrivals in major spot market may support the prices. Sowing in Rajasthan have already started and is expected to gain momentum in the coming days.

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