Jeera on NCDEX settled down -1.42% at 19100 tracking weakness in spot demand on profit booking. However downside seen limited amid lower production estimates by Gujarat Agriculture Department in its 3rd advance estimates for 2016/17. As per third advance estimates for 2016/17, production of Jeera in Gujarat revised down to 2.12 lt, down 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lt. The arrivals have been lower during the first half of current month compared to second half of last month. As per data, during first half of April about 16,441 tonnes of jeera arrived compared to 22,108 during second half of last month. On the export front, country the exports increase by 32.7% to 1,01,188 tonnes in first 10 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. At New Delhi market total arrivals are at 18000 quintals, lower by 2000 quintals from previous trading day. At Jodhpur(Raj.) market in Jodhpur estimated market supply was at 4000 quintals, lower by 500 quintals as against previous day. At Rajkot market in Rajkot(Guj.), estimated market supply was at 720 quintal, lower by 300 quintal from previous day’s arrivals. Exports will happen in spite of higher prices because there is no supplier of jeera available globally. Technically market is under fresh selling as market has witnessed gain in open interest by 0.02% to settled at 16809 while prices down -275 rupees, now Jeera is getting support at 18937 and below same could see a test of 18773 level, And resistance is now likely to be seen at 19337, a move above could see prices testing 19573.

Trading Ideas:

Jeera trading range for the day is 18775-19575.

Jeera prices ended with losses tracking weakness in spot demand on profit booking.

However downside seen limited amid lower production estimates by Gujarat Agriculture Department in its 3rd advance estimates for 2016/17.

NCDEX accredited warehouses jeera stocks gained by 15 tonnes to 909 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -137.5 Rupees to end at 18884.4 Rupees per 100 kg.