Jeera March contract dropped Rs 688 and settled at Rs 16512 a kg due to increasing supplies from the new crop and sluggish exports. India's jeera exports in April-January fell 36 percent on year to 26,000 tonnes. In India, the world's largest producer and exporter, jeera is cultivated mainly in Gujarat and Rajasthan during winter from October to December, and harvested in February-April. The total fresh arrivals of jeera were around 16000 bags were reported at Unjha Mandi against 12000 bags that were reported previous day. In Unjha, a key spot market in Gujarat, jeera dropped -230.45 rupees to end at 16455.45 rupees per 100 kg. The contract made intraday low of Rs 16512 a kg and high of Rs 17085 a kg. Support for jeera is at 16321 below that could see a test of 16130. Resistance is now seen at 16894 above that could see a resistance of 17276.

Trading Ideas:

Jeera trading range is 16151-17297.

Jeera dropped due to increasing supplies from the new crop and sluggish exports.

Jeera is having resistance at 16720 and support at 16360 level.

NCDEX accredited warehouses jeera stocks rose 71 tonnes to 9959 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -230.45 rupees to end at 16455.45 rupees per 100 kg.