Jeera hit new lows and ended down on higher output estimates, weak physical demand and sufficient stocks. Jeera output is estimated to increase by 10 lakh (1 million) bags in this season due to better weather conditions and slightly higher acreage. Huge stocks at exchange warehouses and lack of delivery interest by buyers may lead to further decline in prices.

Spot jeera fell by over 180 rupees to end at 12,808.55 rupees per 100 kg in Unjha. February contract dropped Rs 154 and settled at Rs 12260 a kg. The contract made intraday low of Rs 12167 a kg and high of Rs 12480 a kg. Support for jeera is at 12125 below that could see a test of 11989. Resistance is now seen at 12438 above that could see a resistance of 12615.

Trading Ideas:

Jeera trading range is 12000-12550.

Jeera hit new lows and ended down on higher output estimates and weak physical demand

Now support for the jeera is at 12125 and resistance is at 13440.

Demat stock of jeera at NCDEX-monitored warehouses rose by 27 tonnes to 4915 tonnes

Spot jeera prices fell by over 180 rupees to end at 12,808.55 rupees per 100 kg

SELL JEERA FEB BELOW 12240 SL 12310 TGT 12180-12110-12060. NCDEX