Jeera on NCDEX settled down by -0.43% at 17535 on profit booking after prices gained due to weak supplies position amid good demand from exporters. Expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year also weighed on prices. Moreover, reports of marginal fall in jeera sowing at the producing belts of Gujarat too fuelled the uptrend. 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. As per Gujarat Govt. sowing data current year Jeera sowing completed around 256800 hectares as compared to last year same period 243000 hectares. In Unjha, a key spot market in Gujarat, jeera edged up by 29.35 rupees to end at 18577.1 rupee per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -1.77% to settled at 4338 while prices down -75 rupee, now Jeera is getting support at 17445 and below same could see a test of 17350 level, And resistance is now likely to be seen at 17665, a move above could see prices testing 17790.

Trading Ideas:

Jeera trading range for the day is 17350-17790.

Jeera prices ended with losses on profit booking after prices gained due to weak supplies position amid good demand from exporters.

Expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year also weighed on prices.

As per Gujarat Govt. sowing data current year Jeera sowing completed around 256800 hectares.

In Unjha, a key spot market in Gujarat, jeera edged up by 29.35 rupees to end at 18577.1 rupee per 100 kg.