Jeera September contract dropped Rs 19 and settled at Rs 14717 a kg but recovered most of its losses as a decline in supplies and diminishing stocks offset subdued exports. Daily arrivals have come under 2,000 bags of 60 kg each whereas the total trade is around 5,000 bags. Estimates of lower crop in Syria and Turkey, major competitors of India, also supported recovery. In Unjha, a key spot market in Gujarat, jeera dropped -82.75 rupees to end at 14400.75 rupees per 100 kg. The contract made intraday low of Rs 14555 a kg and high of Rs 14860 a kg. Support for jeera is at 14561 below that could see a test of 14406. Resistance is now seen at 14866 above that could see a resistance of 15016.

Trading Ideas:

Jeera trading range is 14423-15033.

Jeera recovered most of its losses as decline in supplies and diminishing stocks supported prices Support for the jeera is at 16560 and resistance is at 14870.

NCDEX accredited warehouses jeera stocks rose by 124 tonnes to 6097 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -82.75 rupees to end at 14400.75 rupees per 100 kg.