Jeera December contract dropped due to lacklustre overseas demand. However, delay in sowing operations because of untimely rains in major cultivating regions is limiting the downside of the commodity. As a delay in sowing would mean a late harvest, which will create a further tight supply position. The arrivals of jeera were around 1500 bags against 1200 bags that were reported. In Unjha, a key spot market in Gujarat, jeera gained 57.75 rupees to end at 13382.75 rupees per 100 kg. The contract made intraday low of Rs 13554 a kg and high of Rs 13975 a kg. Support for jeera is at 13504 below that could see a test of 13319. Resistance is now seen at 13925 above that could see a resistance of 14161.

Trading Ideas:

Jeera trading range is 13315-14157.

Jeera dropped due to lacklustre overseas demand

Jeera is having resistance at 13820 and support at 13505 level.

NCDEX accredited warehouses jeera stocks rose 51 tonnes to 6313 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 57.75 rupees to end at 13382.75 rupees per 100 kg.