Jeera March contract gained Rs 179 and settled at Rs 15940 a kg on the prospects of weather disturbance in Rajasthan and Gujarat over the next week had some bullish impact on the market sentiments. Low stocks in markets supported the rates and an expected pickup in demand in coming weeks after new crop arrivals could support prices in medium term. Till the fresh arrivals starts in full swing demand for old crop amid lower stocks might support the prices. According to the State Farm Department, Gujarat, jeera acreage as on January 10 stood at 2,44,600 hectares, marginally higher than 2,42,700 hectares last year. In Unjha, a key spot market in Gujarat, jeera gained 138.1 rupees to end at 14928.1 rupees per 100 kg. The contract made intraday low of Rs 15643 a kg and high of Rs 16050 a kg. Support for jeera is at 15705 below that could see a test of 15471. Resistance is now seen at 16112 above that could see a resistance of 16285.

Trading Ideas:

Jeera trading range is 15486-16300.

Jeera gained on the prospects of weather disturbance in Rajasthan and Gujarat

Jeera is having resistance at 16112 and support at 15705 level.

NCDEX accredited warehouses jeera stocks rose 242 tonnes to 7087 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped 0 rupees to end at 14928.1 rupees per 100 kg.