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Published on 24-04-2024 12:03 pm

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Published on 24-04-2024 12:02 pm

Trading Ideas:
* Jeera trading range for the day is 21700-22640.
* Jeera gains as global buyers preferred Indian jeera with tightening global supplies.
* There will be a huge increase in cumin exports, which will reach about 14-15 thousand tonnes in February 2024.
* New arrivals have started in Gujarat since last 20-25 days and new arrivals have started in Rajasthan also since last 15 days.
* In Jodhpur, a major spot market, the price ended at 24500 Rupees dropped by 0 percent.

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Published on 24-04-2024 12:02 pm

Jeera 

prices experienced a modest uptick of 0.82%, settling at 22225, driven by global buyers preferring Indian jeera amidst tightening global supplies. However, the upside was limited due to concerns about further pressure from increased arrivals in the market, particularly with 10,000 to 12,000 bags of jeera arriving daily in Rajkot Mandi, surpassing current demand levels. The surge in production, fueled by a 30-35% increase in sowing areas in key regions of Gujarat and Rajasthan, has led to a record production of cumin in Gujarat and a 53% increase in Rajasthan. This substantial increase in production has led to an oversupply situation, which could potentially impact prices in the coming months. Despite expectations of a significant increase in cumin exports in February 2024, export figures for Apr-Jan 2024 saw a decline of 25.33% compared to the previous year. Technically, the jeera market witnessed short covering, with a drop in open interest by -5.79% to settle at 2634 contracts, while prices increased by 180 rupees. Support for Jeera is identified at 21970, with a potential test of 21700 levels below that. Conversely, resistance is expected at 22440, and a move above could lead to testing the 22640 mark. In summary, while jeera prices saw a slight increase driven by global demand, concerns about oversupply and increased arrivals in the market have capped the upside potential. Additionally, the decline in export figures for the current marketing year highlights the challenges faced by the industry amidst fluctuating market dynamics. Traders are advised to monitor supply-demand trends and international market conditions for further insights into jeera price movements.

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Published on 24-04-2024 12:01 pm

Trading Ideas:
* Turmeric trading range for the day is 18124-20404.
* Turmeric rose amid below normal supplies and active festive demand.
* However, upside seen limited as new arrivals are expected from the Marathwada region in Maharashtra.
* The Ministry of Agriculture first advance estimate for turmeric production in 2023-24 is estimated at 10.74 lakh tonnes
* In , a major spot market, the price ended at  Rupees dropped by  percent.

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Published on 24-04-2024 12:01 pm

Turmeric

 prices surged by 5.29% yesterday, reaching 19556, driven by below-normal supplies and active festive demand. However, the upside appears limited as new arrivals are expected from the Marathwada region in Maharashtra, signaling a potential increase in supply. Reports indicated significant new crop arrivals in various markets, including Nanded, Nizamabad, and Erode, contributing to over 25% higher supplies compared to the previous week. Despite increased arrivals, turmeric production for 2023-24 is estimated to decline to 10.74 lakh tonnes, down from 11.30 lakh tonnes the previous year. Demand dynamics are also shifting, with demand destruction observed as prices surged, leading to a hand-to-mouth approach for many. However, turmeric-growing regions such as Sangli, Basmat, and Hingoli are experiencing good demand for quality produce, driven by expectations of an increase in sowing area. In terms of international trade, turmeric exports during Apr-Jan 2024 dropped by 3.52% compared to the same period in 2023. However, imports saw a more significant decline, dropping by 22.34% during the same period. Despite a slight increase in January 2024 exports compared to December 2023, there was a notable drop compared to January 2023, highlighting fluctuating demand trends. Technically, the turmeric market witnessed fresh buying interest, with open interest rising by 3.03% and prices increasing by 982 rupees. Support for turmeric is identified at 18840, with a potential downside target of 18124, while resistance is anticipated at 19980, with a breakout potentially leading to testing of 20404.

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