Jeera yesterday settled down -0.71% at 13365 as expectations of better sowing due to plentiful rains weighed on sentiment. Gujarat, the top producing state, has received above average rainfall so far in the monsoon season. Jeera is a winter crop sown from October and farmers depend on rains to moisten the land for sowing. Rising demand in the spot market mainly improved the prices. However, gains were capped by good sowing reports from Gujarat and Rajasthan. Export queries continued to be there and that could support the sentiments in the coming days. In Unjha mandi ~9000 bags arrival was seen and demand remained at ~9500 bags. Good demand is being witnessed in Jeera offtakes from global markets edges up after Ramadan. Prices are expected to hold on amid good overseas demand and falling arrivals. 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. Heavy rainfall has been witnessed in few regions Gujarat though no major impact of the same has been seen so far. In Unjha, a key spot market in Gujarat, jeera edged down by -10 rupees to end at 13577 rupee per 100 kg. Now Jeera is getting support at 13305 and below same could see a test of 13245 level, And resistance is now likely to be seen at 13453, a move above could see prices testing 13541.

Trading Ideas:

Jeera trading range for the day is 13250-13546.

Jeera dropped as expectations of better sowing due to plentiful rains weighed on sentiment.

Gujarat, the top producing state, has received above average rainfall so far in the monsoon season.

NCDEX accredited warehouses jeera stocks dropped by 74 tonnes to 5189 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -10 rupees to end at 13577 rupee per 100 kg.