Jeera September contract dropped Rs -150 and settled at Rs 14615 per quintal tracking weak spot cues due to a drop in demand while rains in Gujarat state also weighed. Rains have raised hopes of better sowing in the up-coming season. Export enquiries have also come down but could improve on lower levels. Gujarat has been receiving good rains in the past few days which would help sowing in the season. As per market sources , the total daily arrivals of jeera have been reduced to 2000-3000 bags against 4000-5000 bags from the previous day at major mandies due to restricted supplies by cultivators at lower levels. Moreover, sluggish monsoon rainfall so far in the major jeera producing regions of Gujarat such as Saurashtra and Kutch also raises the apprehensions about current year's jeera crop. The total arrivals augmented to 4,000 bags from 2,000 bags, while demand was seen for around 4000 bags against 7,000 bags over previous close. Improved rainfall activities in Gujarat and Rajasthan could pressurize market sentiments to some extent as that remains critical this month for better sowing prospects of the new crop in coming months. In Unjha, a key spot market in Gujarat, jeera dropped -29.8 rupees to end at 15562.25 rupees per 100 kg. The contract made intraday low of Rs 14432.5 a kg and high of Rs 14795 a kg. Support for jeera is at 14433 below that could see a test of 14252. Resistance is now seen at 14796 above that could see a resistance of 14977.
Jeera trading range for the day is 14251-14977.
Jeera dropped tracking weak spot cues due to a drop in demand while rains in Gujarat state also weighed.
Rains have raised hopes of better sowing in the up-coming season.
NCDEX accredited warehouses jeera stocks dropped by 203 tonnes to 10791 tonnes.
In Unjha, a key spot market in Gujarat, jeera dropped -29.8 rupees to end at 15562.25 rupees per 100 kg.
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