Jeera yesterday settled down -1.55% at 13322.5 on higher domestic supplies and good rains in leading cultivating regions, raising prospects of better sowing though overseas demand limited the downside. Rains are very good this season. Sowing of jeera will be benefited by these rains. Demand is moderating in local markets now but prices continue to linger just under their four-month highs as the sentiments still remain positive amid favorable global offtake. Spot Jeera markets are still witnessing a good activity amid renewed buying interest. The futures have also witnessed good upside in last few days and further rise is possible given the persistent worries over supplies from Syria in world markets. The total arrivals stood steady at 7,000 bags, while demand was seen around 10,500 bags. Cumin seed exported 9462.64 tonnes during June 2013 month as compared to the 12177.75 tonnes during May month. During June 2013 Cumin seed export down by 2715.11 tonnes. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. The Cumin crop in Iran is failure due to bad weather and thus would support the Indian cumin seed market in long term. Cumin exports increased by 76 per cent to 79,900 tonnes in 2012-13 from 45,500 tonnes previous year valued at Rs 1093.17 crore, up 70% from last year. In Unjha, a key spot market in Gujarat, jeera edged up by 21.25 rupees to end at 13651 rupee per 100 kg. Now Jeera is getting support at 13228 and below same could see a test of 13134 level, And resistance is now likely to be seen at 13488, a move above could see prices testing 13654.

Trading Ideas:

Jeera trading range for the day is 13143-13663.

Jeera fell on higher domestic supplies and good rains in leading cultivating regions and raising prospects of better sowing.

Rains are very good this season and sowing of jeera will be benefited by these rains.

NCDEX accredited warehouses jeera stocks dropped by 722 tonnes to 6723 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 21.25 rupees to end at 13651.25 rupee per 100 kg.