23:15
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CS JEERA (OCT.) OVERVIEW:
Indian jeera, or cumin seed, futures were lower on sluggish demand from local buyers, expectations of better sowing and on higher-than-expected supplies in the domestic markets. Sentiment looks weak because stocks are good and supplies are above expectations in the lean season. India is the world's biggest producer, exporter and consumer of the spice. Gujarat, the top jeera producer in India, has received above average rainfall so far this monsoon. Jeera is a winter crop sown from October. Farmers mainly depend on the rains to moisten the land for sowing.
TREND BEARISH
SUP1:13400,
SUP2:13315,
RESIST1:13690,
RESIST2:13830,
TRADING STRATEGY: BUY ON DIPS.
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