Jeera on NCDEX settled down by -0.29% at 16920 on heavy arrivals from the producing belts. Though, some losses were capped on expectation of rising exports demand at the spot market. Jeera output during 2017 is estimated up at 5.83 million bags of 55 kilogram each from 4.21 million bags a year ago. Though jeera output may rise but prices are likely to decline due to higher export demand, opined most of the traders in the seminar. Jeera export in next fiscal is estimated around 100,000 ton. Reports showed that 9,901 tons of jeera arrived during February 27-March 4 compared to 6,273 tons in the previous week. On the export front, jeera exports from country increase by 26.9% to 1.33 lt for the calendar year 2016 while the exports increase by 36.7% to 93,724 tons in first 9 month of marketing year 2016/17. At Unjha market in Mehsana estimated market supply was at 37000 quintals, up by 2000 quintals from previous day’s arrivals. At Anandpur Kalu(Raj.) market in Pali(Raj.), total arrivals are at 100 quintals, up by 50 quintals from previous day’s arrivals. Current year new Jeera crop enter to the market in Porbandar and Junagarh regions, 2016-17 Jeera area reported in Porbandar around 12100 hectares and in Junagarh 5300 hectares. Sources revealed that, around 250 - 300 bags coming daily basis from last one week. In Unjha, a key spot market in Gujarat, jeera edged down by -63.3 Rupees to end at 17132.15 Rupees per 100 kg.Technically market is under fresh selling as market has witnessed gain in open interest by 2.16% to settled at 6672 while prices down -50 rupees, now Jeera is getting support at 16810 and below same could see a test of 16705 level, And resistance is now likely to be seen at 17020, a move above could see prices testing 17125.

Trading Ideas:

Jeera trading range for the day is 16705-17125.

Jeera prices ended with losses on heavy arrivals from the producing belts.

Jeera output during 2017 is estimated up at 5.83 million bags of 55 kilogram each from 4.21 million bags a year ago.

Though jeera output may rise but prices are likely to decline due to higher export demand.

In Unjha, a key spot market in Gujarat, jeera edged down by -63.3 Rupees to end at 17132.15 Rupees per 100 kg.