Jeera on NCDEX settled down by -0.29% at 17485 on reports of good climatic conditions and hopes of higher yield in the season crop. Pressure also seen amid expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year. India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous 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. The new season for jeera will start in March, by which time exporters may be able to source the required stocks. In Unjha, a key spot market in Gujarat, jeera edged down by -21.35 rupees to end at 18555.75 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 1.38% to settled at 4398 while prices down -50 rupee, now Jeera is getting support at 17360 and below same could see a test of 17235 level, And resistance is now likely to be seen at 17605, a move above could see prices testing 17725.

Trading Ideas:

Jeera trading range for the day is 17235-17725.

Jeera prices ended with losses on reports of good climatic conditions and hopes of higher yield in the season crop.

Pressure also seen amid expectation of increase in Jeera area in Gujarat state mainly in Saurashtra and Kutch zone current year.

India imported around 2,550 ton jeera during Apr-Oct as against negligible in the previous year.

In Unjha, a key spot market in Gujarat, jeera edged down by -21.35 rupees to end at 18555.75 rupee per 100 kg.