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Jeera prices have seen a huge price swing in the last quarter as prices surged to Rs. 16975 at the start of the year and tested lows of Rs. 11,275/- this week. The surge in prices during December-January was mainly due to the cold weather conditions which were seen as a threat at the start of the sowing season. Post January favourable weather conditions and expectations of higher production due to a rise in acreage have led to a fall in the price. we expect prices to firm up in the coming months and test levels of 13,500-14,000. We recommend buying Jeera on dips to 11,800-11,900 with an upside target of Rs 13,500-14,000.
Pepper May futures prices are expected to continue the volatility on prevailing mixed sentiments among the traders. Uncertainty over Government’s decision of putting ban on pepper, cardamom and some other agri commodities are keeping prices volatile as short term traders are liquidating their positions.
As long as prices caps the 22 day EMA resistance, placed at 39600, it could see negative sentiments and push prices lower towards 37800 followed by 37400/36700 levels for the day. However, if unable to break the key support of 37800, expect to see prices trade, sideways to higher for the day.
