Jeera settled down by -2.06% at 14770 triggered by subdued domestic as well as export demand at spot market. Further, expectation of improved sowing due to rainfall in major producing belts, too added pressure on prices. According to latest spice board press release, cumin export is stood at 155,500 tonnes for 2014-15 period and earned foreign exchange worth Rs 1,838.20 crore while in 2013-14, the figures stood at 121,500 tonnes valued at Rs 1,600 crore. As per third advance estimate of Gujarat State, production is expected at 1.58 lakh tonnes in 2014-15, which is 54.3 per cent lower, compared to last years’ production of 3.46 lakh tonnes. Jeera sowing recorded 2.64 lakh hac, 42% less sowing compared to last year’s 4.54 lakh hac in Gujarat last year. There is concern over production due to untimely rainfall in March in Gujarat and Rajasthan. As per Government data, 2.41 lakh hectare of cumin crop is damaged in Rajasthan. At Unjha market in Mehsana arrivals were reported at 3000 quintals, up by 500 quintals as compared to previous day. At Gondal (Guj.) market sources reported arrivals at 200 quintals, steady as against previous day’s arrival. At Rajkot market total arrivals are at 130 quintal, lower by 60 quintal from previous day’s arrivals. In Unjha, a key spot market in Gujarat, jeera edged down by -361.95 rupees to end at 15873.35 rupee per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 11.46% to settled at 12573 while prices down -310 rupee, now Jeera is getting support at 14600 and below same could see a test of 14425 level, And resistance is now likely to be seen at 15000, a move above could see prices testing 15225.

Trading Ideas:

Jeera trading range for the day is 14425-15225.

Jeera prices ended with losses triggered by subdued domestic as well as export demand at spot market.

Further, expectation of improved sowing due to rainfall in major producing belts, too added pressure on prices.

NCDEX accredited warehouses jeera stocks dropped by 690 tonnes to 15195 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -361.95 rupees to end at 15873.35 rupee per 100 kg.