Jeera September contract dropped Rs 75 and settled at Rs 14511 a kg on subdued demand in the domestic market and weak overseas inquiries. Demand has come down from local buyers. Buyers are expecting more fall in the prices due to absence of export demand.

However, diminishing arrivals and lower stocks restricted the downside. At Unjha, the benchmark spot market in Gujarat, jeera fell 37.50 rupees to end at 14,222.90 rupees per 100 kg.  The contract made intraday low of Rs 14456 a kg and high of Rs 14639 a kg. Support for jeera is at 14432 below that could see a test of 14352. Resistance is now seen at 14615 above that could see a resistance of 14718.

Trading Ideas:

Jeera trading range is 14352-14718.

Jeera ended weak on subdued demand in the domestic market

Support for the jeera is at 14430 and resistance is at 14615.

NCDEX accredited warehouses jeera stocks rose by 78 tonnes to 5776 tonnes.

At Unjha, jeera fell 37.50 rupees to end at 14,222.90 rupees per 100 kg