Jeera settled down by -0.44% at 16000 on account of higher supply from the producing regions in the midst of decline in the export demand. Further, timely sowing due to favorable weather at the major producing regions of Gujarat and Rajasthan too fuelled the downtrend. Though, some losses were limited by pickup in demand from stockists and traders at the spot market. India's 2014-15 jeera output was lower due to adverse weather at the time of harvesting in Gujarat and Rajasthan. As per fourth advance estimate of Gujarat government, in 2014-15 jeera output was estimated at 158,000 ton as against 346,000 ton a year ago due to fall in sowing caused by adverse weather conditions. At Gondal (Guj.) market in Rajkot (Guj.) Arrivals were reported at 400 quintals, down by 300 quintals from previous day's arrivals. At Rajkot market in Rajkot (Guj.) sources reported arrivals at 184 quintal, lower by 226 quintal as compared to previous day. At Unjha market in Mehsana total arrivals are at 6000 quintals, up by 2500 quintals from previous trading day. Meantime, jeera export fell 45% to 27,000 ton during the first quarter of the current fiscal. Spices Board set jeera export target at 100,000 for the current fiscal. Last year, India exported 155,000 ton jeera up from 121,500 in 2013-14, according to Spices Board data. In Unjha, a key spot market in Gujarat, jeera edged down by -33.35 rupees to end at 16450 rupee per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -4.74% to settled at 13935 while prices down -70 rupee, now Jeera is getting support at 15830 and below same could see a test of 15665 level, And resistance is now likely to be seen at 16115, a move above could see prices testing 16235.

Trading Ideas:

Jeera trading range for the day is 15665-16235.

Jeera prices dropped on account of higher supply from the producing regions in the midst of decline in the export demand.

Further, timely sowing due to favorable weather at the major producing regions of Gujarat and Rajasthan too fuelled the downtrend.

NCDEX accredited warehouses jeera stocks gained by 196 tonnes to 6721 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -33.35 rupees to end at 16450 rupee per 100 kg.