Jeera March contract gained Rs 234 and settled at Rs 17180 a kg on the back of waning supplies of jeera in the major producing states against strong stockiest demand at lower levels. In the Unjha spot market, the total fresh arrivals of around 10,000 bags, up 3,000 bags from the previous day. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. Gujarat and Rajasthan are the major producers of cumin seed in India. Global export demand is about 30,000 MT per year. In Unjha, a key spot market in Gujarat, jeera dropped -35 rupees to end at 16550 rupees per 100 kg. The contract made intraday low of Rs 16661 a kg and high of Rs 17274 a kg. Support for jeera is at 16803 below that could see a test of 16425. Resistance is now seen at 17416 above that could see a resistance of 17651.

Trading Ideas:

Jeera trading range is 16426-17652.

Jeera gained on the back of waning supplies of jeera in the major producing states against strong stockiest demand

Jeera is having resistance at 17320 and support at 16920 level.

NCDEX accredited warehouses jeera stocks rose 164 tonnes to 9409 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -35 rupees to end at 16550 rupees per 100 kg.