Jeera February contract dropped Rs 119 and settled at Rs 14451 a kg due to rise in acreage in Gujarat, the biggest producer in the country, and sluggish export demand but slack supply and poor stocks restricted the fall. Reversing the declining trend, area under jeera cultivation in top producing Gujarat rose marginally as on Jan.10 due to conducive weather conditions. In India, jeera is cultivated during winter from October to December, and harvested in February-April. In Unjha, a key spot market in Gujarat, jeera dropped -18.2 rupees to end at 14300 rupees per 100 kg. The contract made intraday low of Rs 14415 a kg and high of Rs 14636 a kg. Support for jeera is at 14365 below that could see a test of 14280. Resistance is now seen at 14586 above that could see a resistance of 14722.

Trading Ideas:

Jeera trading range is 14283-14725.

Jeera dropped due to rise in acreage in Gujarat, the biggest producer in the country

Jeera is having resistance at 14586 and support at 14365 level.

NCDEX accredited warehouses jeera stocks rose 126 tonnes to 5481 tonnes.

SELL JEERA JAN @ 14600-650 SL 14780 TGT 14470-14320-14180.NCDEX

In Unjha, a key spot market in Gujarat, jeera dropped -18.2 rupees to end at 14300 rupees per 100 kg.