Jeera March contract dropped Rs 59 and settled at Rs 16090 a kg on weak export demand and a fall in domestic buying, though concerns unseasonal rains may hit output and lower stocks, restricted the losses. Current supplies are very thin and the stocks are also depleting day by day. Jeera prices are likely to remain firm in short term because of positive fundamentals. Supply from the fresh crop is almost negligible during the peak arrival season because of delayed sowing. In Unjha, a key spot market in Gujarat, jeera gained 55.2 rupees to end at 15531.6 rupees per 100 kg. The contract made intraday low of Rs 16015 a kg and high of Rs 16300 a kg. Support for jeera is at 15970 below that could see a test of 15850. Resistance is now seen at 16255 above that could see a resistance of 16420.

Trading Ideas:

Jeera trading range is 15847-16417.

Jeera dropped on weak export demand and a fall in domestic buying

Jeera is having resistance at 16200 and support at 15880 level.

NCDEX accredited warehouses jeera stocks rose 888 tonnes to 8907 tonnes.

JEERA LOOKS TO TAKE SUPPORT AT 16000. A BREAK BELOW SAME WILL TEST 15350.NCDEX

In Unjha, a key spot market in Gujarat, jeera gained 55.2 rupees to end at 15531.6 rupees per 100 kg.