Jeera on NCDEX settled down by -1.37% at 16860 on weak demand as new season jeera arrived in market. Trading sentiments weakened further due to adequate stocks availability in the physical market on account of higher supply from the producing belts. However, good overseas demand is seen supporting prices at lower levels. Jeera exports in India are likely to rise 22% to 120,000 tonnes in 2016-17 (Apr-Mar), compared with shipments of 98,700 tonnes a year ago, because of robust demand from overseas market and negligible stocks in other exporting nations. New jeera crop started arriving in the key spot market of Unjha in Gujarat. In the current rabi season, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,700 hectares compared to last year acreage of 2,95,400 hectares till same period. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lakh tonnes, down almost 11% compared to last year production of 2.38 lt. Moreover, there is a forecast of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage. On the export front, Jeera exports in India are likely to rise 22% to 120,000 tonnes in 2016-17 (Apr-Mar), compared with shipments of 98,700 tonnes a year ago, because of robust demand from overseas market and negligible stocks in other exporting nations. In Unjha, a key spot market in Gujarat, jeera edged down by -145.45 Rupees to end at 17804.55 Rupees per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -7.74% to settled at 4974, now Jeera is getting support at 16765 and below same could see a test of 16670 level, And resistance is now likely to be seen at 17000, a move above could see prices testing 17140.

Trading Ideas:

# Jeera trading range for the day is 16670-17140.

# Jeera prices ended with losses on weak demand as new season jeera arrived in market.

# Jeera exports in India are likely to rise 22% to 120,000 tonnes in 2016-17 (Apr-Mar), compared with shipments of 98,700 tonnes a year ago.

# Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,700 hectares compared to last year acreage of 2,95,400 hectares.

# In Unjha, a key spot market in Gujarat, jeera edged down by -145.45 Rupees to end at 17804.55 Rupees per 100 kg.