Jeera on NCDEX settled down by -3.15% at 18590 on account of profit-booking driven by fall in demand in the spot market. Though, some losses were capped on the back of lower arrival in the mandis from the producing belts and some fresh export enquiries. Jeera sowing started in Gujarat state. Current year Jeera sowing completed around 99100 hectares as compared to last year same period 17400 hectares, as on 21-11-2016.Normal area in Gujarat reported 339000 hectares. At Jodhpur (Raj.) estimated market supply was at 300 quintals, higher by 50 quintals from previous trading day. At Nagaur (Raj.) market in Nagaur estimated market supply was at 100 quintals, up by 100 quintals from previous day’s arrivals. Demand was strong, especially from overseas market, on shortage in global supplies. Arrivals are limited in the market, post demonetisation, and hence limited trading activities were witnessed during the week. At the Unjha spot market, arrivals reported were limited due to lack of cash while good demand was witnessed. Sowing of jeera commenced on a stronger note in Gujarat due to record prices during the marketing year of 2016-17. According to latest data, sowing in Gujarat, top grower of jeera, was at 991 hectares compared to 174 hectares last year. India's jeera exports rose 36% on year to 73,000 tn in Apr-Oct as demand from overseas buyers was robust and output in other significant exporting nations dried up. In Unjha, a key spot market in Gujarat, jeera edged down by -166.05 rupees to end at 18962.5 rupee per 100 kg.Technically now Jeera is getting support at 18385 and below same could see a test of 18185 level, And resistance is now likely to be seen at 18920, a move above could see prices testing 19255.

Trading Ideas:

Jeera trading range for the day is 18185-19255.

Jeera prices dropped on account of profit-booking driven by fall in demand in the spot market.

Though, some losses were capped on the back of lower arrival in the mandis from the producing belts and some fresh export enquiries.

NCDEX accredited warehouses jeera stocks dropped by 11 tonnes to 177 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -166.05 rupees to end at 18962.5 rupee per 100 kg.