Jeera on NCDEX settled up 1.13% at 17400 due to rising domestic as well as export demand at the spot market. However, reports of good climatic conditions and hopes of higher yield in the season crop. Sowing has been good so far and weather conditions are also favorable for jeera crop. As all is going well as exporters are not buying in large quantities but are waiting for the new crop. However, looking at the current trend, buyers may not take a risk and initially demand will be low at the beginning of the new season. According to jeera exporters, while the new season is likely to start in March, farmers have gradually begun accepting payment digitally, and have therefore been able to ensure steady supply. Jeera exporters may not face the problems that cotton, groundnut or other commodities exporters are facing due to the cash crunch post demonetisation. The new season for jeera will start in March, by which time exporters may be able to source the required stocks. At Jodhpur(Raj.) market in Jodhpur, arrivals were reported at 200 quintals, down by 100 quintals from previous trading day. At New Delhi market, estimated market supply was at 5000 quintals, steady as against previous day’s arrival. At Gondal (Guj.) market in Rajkot(Guj.), sources reported arrivals at 550 quintals, lower by 50 quintals from previous day’s arrivals. Technically market is under fresh buying as market has witnessed gain in open interest by 5.8% to settled at 3996 while prices up 195 rupee, now Jeera is getting support at 17247 and below same could see a test of 17093 level, And resistance is now likely to be seen at 17512, a move above could see prices testing 17623.

Trading Ideas:

Jeera trading range for the day is 17095-17625.

Jeera prices gained due to rising domestic as well as export demand at the spot market.

However, reports of good climatic conditions and hopes of higher yield in the season crop.

Sowing has been good so far and weather conditions are also favorable for jeera crop.

In Unjha, a key spot market in Gujarat, jeera edged up by 126.9 rupees to end at 18376.9 rupee per 100 kg.