Jeera November contract dropped Rs 141 and settled at Rs 13179 a kg on expectation of rise in acreage and on a drop in domestic demand at higher levels but a squeeze in supply limited the fall. The total arrivals of around 2000 bags were reported at Unjha Mandi against 1500 bags from the previous day. There are lower stocks of jeera in the domestic market till fresh arrivals expected in the month of March. This will provide support to the prices in the short to medium term (till November). In Unjha, a key spot market in Gujarat, jeera dropped -10 rupees to end at 13130 rupees per 100 kg. The contract made intraday low of Rs 13150 a kg and high of Rs 13375 a kg. Support for jeera is at 13094 below that could see a test of 13010. Resistance is now seen at 13319 above that could see a resistance of 13460.

Trading Ideas:

Jeera trading range is 13010-13460.

Jeera ended weak on expectation of rise in acreage

Jeera is having resistance at 13319 and support at 13094 level.

NCDEX accredited warehouses jeera stocks rose 27 tonnes to 6690 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -10 rupees to end at 13130 rupees per 100 kg.