Jeera February contract dropped Rs 541 and settled at Rs 15730 a kg as a likely delay in fresh arrivals due to late sowing, a squeeze in supplies and depleting stocks prompted buying. Arrivals are expected to get late by 15-20 days. Supply position is likely to remain tight till the fresh arrival starts. Unseasonal rains in Oct.-Dec. had delayed jeera sowing by more than a fortnight in the key state of Gujarat. As on Jan. 10, the acreage stood at 244,600 hectares, marginally higher than 242,700 hectares sowed a year ago due to conducive weather condition. In Unjha, a key spot market in Gujarat, jeera gained 150 rupees to end at 14687.5 rupees per 100 kg. The contract made intraday low of Rs 15125 a kg and high of Rs 15792 a kg. Support for jeera is at 15306 below that could see a test of 14882. Resistance is now seen at 15973 above that could see a resistance of 16216.

Trading Ideas:

Jeera trading range is 14877-16211.

Jeera gained as a likely delay in fresh arrivals due to late sowing

Jeera is having resistance at 15973 and support at 15306 level.

NCDEX accredited warehouses jeera stocks fell 19 tonnes to 5771 tonnes.

BUY JEERA JAN @ 15350-450 SL 15100 TGT 15560-15800-15950.NCDEX

In Unjha, a key spot market in Gujarat, jeera gained 150 rupees to end at 14687.5 rupees per 100 kg.