Jeera on NCDEX settled down -0.72% at 16595 due to fall in domestic as well as export demand at the spot market. Further, anticipation of good crop from the producing regions in the next season too fuelled the downtrend. The sources stated that countries like China and Bangladesh have reported strong demand of Indian jeera in local mandies. Traders are expecting jeera export during the current fiscal around 120,000 ton up from 98,700 ton last year. However traders are hoping higher sowing this year because of attractive prices in the market. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. However, it is much lower than 2013-14 output when the state produced 346,000 ton jeera. At Rajkot market in Rajkot(Guj.), estimated market supply was at 4 quintal, lower by 38 quintal from previous trading day. At Unjha market in Mehsana, sources reported arrivals at 700 quintals, higher by 200 quintals as compared to previous day. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16. As per market source, India is likely to export 40,000-45,000 ton more jeera in coming months. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. However, it is much lower than 2013-14 output when the state produced 346,000 ton jeera. Technically now Jeera is getting support at 16467 and below same could see a test of 16338 level, And resistance is now likely to be seen at 16787, a move above could see prices testing 16978.

Trading Ideas:

Jeera trading range for the day is 16340-16980.

Jeera prices ended with losses due to fall in domestic as well as export demand at the spot market.

Further, anticipation of good crop from the producing regions in the next season too fuelled the downtrend.

NCDEX accredited warehouses jeera stocks dropped by 93 tonnes to 3133 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 12.5 rupees to end at 17475 rupee per 100 kg.