Jeera yesterday traded with the negative node and settled -1.12% down at 13685 fell tracking lackluster demand in the spot market though a fall in domestic supplies restricted the downside. Lack of rains in Gujarat state, the leading producer, may also support the sentiment. Spot traders reported fresh export enquiries for Indian-origin jeera from buyers in Singapore and Dubai. In Unjha, a key spot market in Gujarat, jeera dropped -41.65 rupees to end at 13958.35 rupees per 100 kg. India's crucial monsoon rains are still expected to be average in 2012, the weather office said, helping to allay concerns over farm output triggered by sparse rainfall in the last few weeks. There are no fresh export cues for Indian-origin jeera as of now, but domestic buying is good because supplies are weak. Buying from local traders are good and is expected to improve further, but exports are weak and this is keeping prices in a range. Political unrest in Syria is causing supply problems to world markets making it opportunistic for jeera exporters from India to profit. India exported 34,500tns of Jeera from April to January 2011-12, representing an increase of 54%. Estimated jeera production this season would be around 38-40 lakh bags as compared to 29 lakh bags in the year 2010-11. In yesterday's trading session Jeera has touched the low of 13650 after opening at 13765, and finally settled at 13685. For today's session market is looking to take support at 13621, a break below could see a test of 13557 and whereas resistance is now likely to be seen at 13778, a move above could see prices testing 13872.
Jeera trading range for the day is 13563-13877.
Jeera fell tracking lacklustre demand but fall in domestic supplies restricted the downside.
Slow progress of the monsoon in Gujarat could support prices at lower levels,
Syria and Turkey's production likely to be restricted that is down almost 30-35% due to erratic weather.
In Unjha, a key spot market in Gujarat, jeera dropped -41.65 rupees to end at 13958.35 rupees per 100 kg.
BUY JEERA JULY @ 13600 SL 13400 TGT 13880-14000-14180.NCDEX