Today Jeera Outlook(16marc): Angel Commodities
Published on Tuesday, March 16th, 2010 at 6:46 PMAuthor: onlinecommoditycalls (1958 Articles)
Fundamental Analysis
Better arrivals amidst lacklustre overseas demand are pressurizing the prices. Demand from the domestic stockists has also reduced.
In the short term (till March) prices may be determined by stocks of jeera with Syria and Turkey, price quotes of jeera in the international market and demand from the domestic and overseas market.
Jeera price quotes of Syria and Turkey are around $2450/tonne and $2500/tonne respectively. Further they have lower stocks to dispose which may provide support to the prices.
In medium to long term (April onwards) jeera price trend would be determined by the sowing progress in Syria and Turkey and demand from the overseas and domestic market.
Technical Analysis
Prices closed below its 10-Day and its 20-Day EMA indicating downward trend.
The 14-Day RSI is at 37.1 and is trading in sideways manner.
Outlook
Jeera prices in the intraday may trade in sideways to down manner with negative bias due to reduced offtakes at the domestic market. In the short term (till March) trend may be determined by the demand from the domestic and overseas market and price parity of the different origins in the international market. In the medium to long term (April onwards) prices may be determined from the Jeera sowing estimates of India and demand from the overseas market.
Courtesy: Angel Commodities
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