Commodity Trading Tips for Jeera by KediaCommodity

September contract dropped Rs 497.5 and settled at Rs 14570 per quintal as rains in top producer state, Gujarat, raised hopes of better sowing in the season while a decline in spot demand also weighed. Gujarat has been receiving good rains and is expected to continue for the next 2-3 days, the weather office said. Good rains in Gujarat may pressurize the prices. However, revival of export demand at lower levels may support prices at lower levels. The rains would improve the soil moisture required for sowing rabi crops. Jeera is a winter crop sown from October and farmers depend on rains to moisten the land for sowing. Moreover, sluggish monsoon rainfall so far in the major jeera producing regions of Gujarat such as Saurashtra and Kutch also raises the apprehensions about current year's jeera crop. According toIndian Meteorological Department (IMD), the northern, central and southern regions of the state have got only 344.7 mm of rainfall against the normal rainfall of 612.7 mm. Jeera is a winter crop sown October onwards and farmers depend on rains to moisten the land for sowing. The total arrivals of jeera increased to 5,000 bags from 4,000 bags, while demand was seen for around 7,000 bags. In Unjha, a key spot market in Gujarat, jeera dropped -277.4 rupees to end at 15736.25 rupees per 100 kg. The contract made intraday low of Rs 14480 a kg and high of Rs 15137.5 a kg. Support for jeera is at 14321 below that could see a test of 14072. Resistance is now seen at 14978 above that could see a resistance of 15387. Trading Ideas: Jeera trading range for the day is 14072-15386. Jeera fell as rains in top producer state, Gujarat, raised hopes of better sowing in the season Revival of export demand at lower levels may support prices at lower levels. Gujarat has been receiving good rains and is expected to continue for the next 2-3 days In Unjha, a key spot market in Gujarat, jeera dropped -277.4 rupees to end at 15736.25 rupees per 100 kg Source :  http://www.topnews.in/commodity-trading-tips-jeera-kediacommodity-2364348