Jeera February contract dropped Rs 187 and settled at Rs 14690 a kg due to its subdued demand. However, limited arrivals and low carryover stocks supported the prices from further decline. New arrivals are expected from February onwards. As per market sources , the carryover stocks in Gujarat and Rajasthan are reported at 5-6 lakh bags compared with 8-9 lakh bags in the previous year. The total arrivals of jeera were around 3000 bags were reported at Unjha Mandi against 2500 bags from the previous day. In Unjha, a key spot market in Gujarat, jeera dropped -78.45 rupees to end at 14707.15 rupees per 100 kg. The contract made intraday low of Rs 14549 a kg and high of Rs 14877 a kg. Support for jeera is at 14534 below that could see a test of 14377. Resistance is now seen at 14862 above that could see a resistance of 15033.

Trading Ideas:

Jeera trading range is 14383-15039.

Jeera ended weak due to subdued demand.

Jeera is having resistance at 14862 and support at 14534 level.

NCDEX accredited warehouses jeera stocks fell 102 tonnes to 5798 tonnes.

SELL JEERA FEB @ 14850-900 SL 15060 TGT 14680-14560-14450.NCDEX

In Unjha, a key spot market in Gujarat, jeera dropped -78.45 rupees to end at 14707.15 rupees per 100 kg.