Jeera September contract dropped Rs 169 and settled at Rs 14778 a kg on increased arrivals, sluggish export demand for overpriced Indian variety and lacklustre local demand. Selling pressure is higher in spot due to weakness in export demand. Around 5,500 bags of 60 kg reached Unjha market against average arrivals of 2,000-2,500 bags. However, estimates of lower crop in Syria and Turkey, major competitors of India, capped losses. In Unjha, a key spot market in Gujarat, jeera dropped -33.35 rupees to end at 14407.15 rupees per 100 kg. The contract made intraday low of Rs 14671 a kg and high of Rs 15056 a kg. Support for jeera is at 14614 below that could see a test of 14450. Resistance is now seen at 14999 above that could see a resistance of 15220.

Trading Ideas:

Jeera trading range is 14451-15221.

Jeera ended lower on increased arrivals and lacklustre local demand

Support for the jeera is at 14610 and resistance is at 14920.

NCDEX accredited warehouses jeera stocks remained at 6368 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -33.35 rupees to end at 14407.15 rupees per 100 kg.