Jeera on NCDEX settled down by -0.85% at 18100 due to profit booking on anticipation of good sowing progress in Gujarat and Rajasthan. Jeera sowing in Gujarat and Rajasthan have started. As on now, Jeera sowing in Gujarat is completed in around 99,100 hectares as compared to last year acreage of 17,400 hectares,. The stock position in NCDEX warehouse is at lower level compared to last year stocks. As on 28-Nov-2016, new Jeera stock position at NCDEX approved warehouses in Jodhpur and Unjha is totaled at 177 tonnes while it was 743 tonnes last week. Last year stocks were about 5,633 tonnes. According Department of commerce data, the exports of Jeera in the first five months (Apr-Aug) of 2016-17 is recorded at 60,907 tonnes, higher by 62% compared to same period last year. The exports of jeera during August 2016 increase 65% m/m to 9,003 tonnes while there is also increase exports y/y by 65.7%. At Patan market in Patan(Guj.), estimated market supply was at 5 quintals, down by 19 quintals as against previous day. At Nagaur(Raj.) market in Nagaur, sources reported arrivals at 200 quintals, higher by 100 quintals as against previous day. At Jodhpur(Raj.) market in Jodhpur, sources reported arrivals at 100 quintals, lower by 200 quintals from previous day's arrivals. 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 -24.05 rupees to end at 18938.45 rupee per 100 kg. Technically now Jeera is getting support at 17945 and below same could see a test of 17795 level, And resistance is now likely to be seen at 18330, a move above could see prices testing 18565.

Trading Ideas:

Jeera trading range for the day is 17795-18565.

Jeera prices dropped due to profit booking on anticipation of good sowing progress in Gujarat and Rajasthan.

As on now, Jeera sowing in Gujarat is completed in around 99,100 hectares as compared to last year acreage.

NCDEX accredited warehouses jeera stocks dropped by 36 tonnes to 141 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -24.05 rupees to end at 18938.45 rupee per 100 kg.