10/23/2010 07:31:00 PM
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Jeera Trend
Lower stocks on one hand and expectation of better crop of Jeera in 2010—11 are keeping the prices range bound since past few days. Any revival of demand in good quantity from overseas buyers may support prices to stngthen in the short term (till October). There are lower stocks of Jeera in the domestic market till the fresh arrivals expected in the month of March. This will also add to the gains in the short to medium term (till November). Prices in the international market of Syrian origin are being offered at higher rates than Indian origin. This will help prices to find support and strengthen in the medium term (November). In long term (December onwards), Jeera prices will depend on the demand from the overseas and domestic buyers and sowing progress in the major Jeera growing areas particularly Rajasthan and Gujarat. Jeera prices in the intraday will trade bearish and may fall by around Rs.200 due to dull trades at the domestic market. In the short term (till October), trend will depend on Jeera price parity of various origins in international market. In the medium to long term (December onwards) prices are likely to take cues from sowing progress in India and demand from the overseas and domestic buyers.
Gold Trend
U.S. gold ended slightly lower on Friday, posting its first weekly decline in nearly 3 months, as bullion investors closely monitored potential statements from the G20 meeting. Any currency reaction to the G20 meeting in South Korea this weekend could provide fresh impetus to the gold market. A currency war is in the making, and gold will be the beneficiary in the long run. Estimated gold volume at about 138,000 lots, about 12 percent above its 30-day average. Spot gold was up 0.2 percent at $1,326.11 an ounce.
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