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Jeera declined because higher production was anticipated, which could have an impact on prices.

New Delhi.  Jeera prices fell sharply, by -2.75%, to settle at 27405. This was mostly because the market was anticipating increased production, which might have an impact on prices. The downside was, however, constrained by strong export and domestic demand as well as limited global supply. The market was also helped by farmers holding back their stock in anticipation of higher prices. This season, a significant increase in cultivation area, especially in Gujarat and Rajasthan, is expected to propel a 30% increase in jeera production, estimated at 8.5-9 lakh tonnes.

Production of cumin has increased significantly worldwide, with China spearheading the increase. Due to their favorable prices, Syria, Turkey, and Afghanistan are also anticipated to increase their production, which could lead to a market oversupply. Prices have been under pressure despite the increase in production due to decreased export trade in cumin and dropping global prices. India’s jeera exports from April to March of 2024 decreased by 13.53% over the same period the year before, with monthly variations.

From a technical perspective, there is new selling pressure on the market as open interest has increased by 23.49% and prices have dropped by -775 rupees. Jeera currently sees support at 26950, and if this support is broken, there may be testing at 26500 levels. Expect resistance at 27830; a move above suggests that 28260 may be tested. In order to predict future price movements, traders will be closely observing production trends and market dynamics.