Jeera extended its losses for third consecutive day tracking muted demand in the domestic market. Domestic supplies remained adequate with tumbling exports from India.
💥Arrival pace remained higher on yearly basis as about 13.3 thousand tonnes of jeera arrived so far in July’24 as compared to 6.17 thousand tonnes of previous year. About 211.6 thousand tonnes of Jeera have arrived during Mar’2 till so far in July’24 against the 135.76 thousand tonnes of previous year for same time period.
💥Export seasonality of jeera suggests exports are likely to remain down in upcoming months with improving global supplies from Syria and Turkey that will hurt the export demand of Indian jeera.
💥India exported about 20.91 thousand tonnes of Jeera in May’24 against the 24.79 thousand tonnes of previous year down by 16% Y-o-Y.
💥Technically, prices are expected to hold resistance of 27500 and likely to find support somewhere 25200 and any further fall beyond 25200 may pull the prices towards 24400.
