Jeera on NCDEX settled up by 0.14% at 17610 on reports of good climatic conditions and hopes of higher yield in the season crop. However, some losses were capped due to rising domestic as well as export demand at the spot market. Jeera stocks are stated lower because of poor output last year. Reports of marginal fall in jeera sowing in Gujarat may also boost morale of speculators. Though, some gains were capped on expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year. India's jeera exports are likely to rise 30% to 88,000 ton during Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. 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. In Unjha, a key spot market in Gujarat, jeera edged up by 63.65 rupees to end at 18547.75 rupee per 100 kg.Technically now Jeera is getting support at 17440 and below same could see a test of 17270 level, And resistance is now likely to be seen at 17765, a move above could see prices testing 17920.

Trading Ideas:

Jeera trading range for the day is 17270-17920.

Jeera prices settled flat on reports of good climatic conditions and hopes of higher yield in the season crop.

The new season for jeera will start in March, by which time exporters may be able to source the required stocks.

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 63.65 rupees to end at 18547.75 rupee per 100 kg.