Jeera December contract dropped Rs 262 and settled at Rs 14057 a kg on fresh sowing hopes as sowing which was delayed due to unseasonable rains in the last few days, will now gain momentum as the weather is clear. This would lead to abundant supply of the commodity in the spot market which may lower its prices. Domestic demand has improved after prices fell in the last few sessions. But prices are unlikely to sustain at higher levels because export demand is very weak. In Unjha, a key spot market in Gujarat, jeera gained 116.6 rupees to end at 14332.85 rupees per 100 kg. The contract made intraday low of Rs 14015 a kg and high of Rs 14439 a kg. Support for jeera is at 13902 below that could see a test of 13746. Resistance is now seen at 14326 above that could see a resistance of 14594.

Trading Ideas:

Jeera trading range is 13747-14595.

Jeera ended lower on fresh sowing hopes

Jeera is having resistance at 14200 and support at 13900 level.

NCDEX accredited warehouses jeera stocks rose 162 tonnes to 6309 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 116.6 rupees to end at 14332.85 rupees per 100 kg.