Jeera October contract dropped Rs 292.5 and settled at Rs 14012.5 per quintal as rains in the top producing state of Gujarat raised prospects of better sowing and on a stronger rupee, which could impact export demand. A rise in the rupee, which hit a four-month high, makes imports cheaper and trims returns for exporters. Jeera is a winter crop sown from October and farmers depend on the rains to moisten the land for the sowing. Rains in Gujarat were above normal in the week to Sept. 5 and more rains are expected in the next 2-3 days. Jeera is a winter crop sown from October and farmers depend on the rains to moisten the land for sowing. The total arrivals remained unchanged at 4,000 bags, while demand was seen for around 8,000 bags against 5,000 bags. Sowing prospects have increased a lot after the recent rains in Gujarat and Rajasthan and this has been pressurizing the market sentiments. Moreover, weak arrivals of jeera in the local mandies also added some gains. Traders mentioned that India's total jeera exports are expected to reach 45000 tonnes in the current year due to lower prices of Indian variety of jeera along with waning supplies in other exporting nations. In Unjha, a key spot market in Gujarat, jeera gained 25 rupees to end at 14800 rupees per 100 kg. The contract made intraday low of Rs 13905 a kg and high of Rs 14365 a kg. Support for jeera is at 13823 below that could see a test of 13634. Resistance is now seen at 14283 above that could see a resistance of 14554.

Trading Ideas:

Jeera trading range for the day is 13634-14554.

Jeera fell as rains in the top producing state of Gujarat raised prospects of better sowing and on a stronger rupee

The total arrivals remained unchanged at 4,000 bags, while demand was seen for around 8,000 bags against 5,000 bags.

NCDEX accredited warehouses jeera stocks dropped by 21 tonnes to 10449 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 25 rupees to end at 14800 rupees per 100 kg.