Jeera February contract dropped Rs 89 and settled at Rs 14945 a kg due to subdued spot market demand.

Besides suffering profit booking, has also edged lower due to weak export demand. However, limited supply in the physical market combined with low carryover stocks may limit the downside of the commodity going further. Overseas demand has been poor as buyers are waiting for the fresh crop to reach the market. In Unjha, a key spot market in Gujarat, jeera dropped -2.5 rupees to end at 14510 rupees per 100 kg. The contract made intraday low of Rs 14920 a kg and high of Rs 15140 a kg. Support for jeera is at 14863 below that could see a test of 14782. Resistance is now seen at 15083 above that could see a resistance of 15222.

Trading Ideas:

Jeera trading range is 14788-15228.

Jeera dropped due to subdued spot market demand.

Jeera is having resistance at 15083 and support at 14863 level.

NCDEX accredited warehouses jeera stocks rose 59 tonnes to 5747 tonnes.

BUY JEERA JAN @ 14700-760 SL 14600 TGT 14880-14980-15060.NCDEX

In Unjha, a key spot market in Gujarat, jeera gained 10.9 rupees to end at 14523.4 rupees per 100 kg.