Jeera on NCDEX settled up by 0.27% at 16555 on reduced supplies from the producing regions in the domestic spot markets. Prices also seen supported amid expectations of higher export in the current fiscal year. 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 Unjha market in Mehsana, arrivals were reported at 1200 quintals, lower by 800 quintals as compared to previous day. At Rajkot market in Rajkot (Guj.), arrivals were reported at 80 quintal, up by 15 quintal from previous day’s arrivals. The export demand going through a sluggish phase following reduced buying by China and Hanjin shipping company fiasco is expected to pick up in the coming months. Indian cumin is priced $200 lower than the stock in Syria and Turkey at $2500 per tonne but there are no takers with China going slow on purchase. The bankruptcy of Hanjin shipping company also led to delay in shipments affecting exports. In Unjha, a key spot market in Gujarat, jeera edged up by 87.5 rupees to end at 17250 rupee per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -3.83% to settled at 10704 while prices up 45 rupee, now Jeera is getting support at 16455 and below same could see a test of 16355 level, And resistance is now likely to be seen at 16645, a move above could see prices testing 16735.

Trading Ideas:

Jeera trading range for the day is 16355-16735.

Jeera prices ended with gains on reduced supplies from the producing regions in the domestic spot markets.

Prices also seen supported amid expectations of higher export in the current fiscal year.

NCDEX accredited warehouses jeera stocks dropped by 204 tonnes to 2632 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 87.5 rupees to end at 17250 rupee per 100 kg.