Jeera hit new contract lows as higher production estimates this season continued to hurt prices. Low export demand and favourable weather is keeping prices down. Arrivals are expected to start in next few days, but will peak in March-April. Weak physical offtake and sufficient stocks are also expected to weigh. Spot jeera fell by over 131 rupees to end at 12,215.25 rupees per 100 kg in Unjha. February contract dropped Rs 46 and settled at Rs 11540 a kg. The contract made intraday low of Rs 11362 a kg and high of Rs 11689 a kg. Support for jeera is at 11372 below that could see a test of 11203. Resistance is now seen at 11699 above that could see a resistance of 11857.

Trading Ideas:

Jeera trading range is 11250-11800.

Jeera ended down due to higher production estimates and low export demand

Arrivals are expected to start in next few days

In NCDEX accredited warehouses stock of jeera rose by 33 tonnes to 4996 tonnes

Spot jeera prices fell by over 131 rupees to end at 12,215.25 rupees per 100 kg

BUY JEERA FEB ON DIP @ 11400-460 SL 11320 TGT 11510-11580-11620.NCDEX