Jeera yesterday settled down -0.17% at 13555 due to late profit booking after gaining as rising export demand in spot market against fewer arrivals supported prices. However, expectations of higher sowing in the leading cultivating state capped the gains. Further, stockists, expecting an influx of stock from the producing regions were cautious about holding large inventories and released some stocks, helped to cap the upside in the prices of the spice. In Unjha mandi ~6000 bags arrival was seen and demand remained at ~6500 bags. Gujarat, the top jeera producer in India, has received above average rainfall so far in this monsoon season. The robust demand of jeera from Middle East also fueled rally in the futures prices. Traders have received strong export inquiries of export quality of jeera at lower levels . Moreover, weakness in rupee against dollar also made jeer prices attractive in international market. 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. In Unjha, a key spot market in Gujarat, jeera edged up by 12.5 rupees to end at 13675 rupee per 100 kg. Now Jeera is getting support at 13403 and below same could see a test of 13251 level, And resistance is now likely to be seen at 13746, a move above could see prices testing 13937.

Trading Ideas:

Jeera trading range for the day is 13274-13960.

Jeera dropped due to late profit booking after gaining as rising export demand in spot market against fewer arrivals supported prices

However, expectations of higher sowing in the leading cultivating state capped the gains.

NCDEX accredited warehouses jeera stocks dropped by 60 tonnes to 4688 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 12.5 rupees to end at 13675 rupee per 100 kg.