Jeera November contract dropped Rs 55 and settled at Rs 13850 per quintal as prospects of good sowing after the monsoon revived weighed on sentiment. Moisture in the soil is adequate and would help sowing that would begin from October. Delayed rains in parts of Gujarat, the top-producing state, have raised hopes of better sowing. Delayed rains in parts of Gujarat, the top-producing state, have raised hopes of better sowing. With the anticipation of strong price escalation in jeera in the current season due to strapping export demand prompted the heavy stocking of jeera during the April- August period. Therefore, not much demand by stockiest and physical traders was reported at current levels. Moreover, heavy rainfall in the major jeera producing states such as Rajasthan and Gujarat also raised the prospects of bumper jeera production in the coming year. The total arrivals remained unchanged at 3,000 bags, while demand was seen for around 5,000 bags against 10,000 bags. Market sources suggested 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 28.1 rupees to end at 14446.6 rupees per 100 kg. The contract made intraday low of Rs 13765 a kg and high of Rs 13992.5 a kg. Support for jeera is at 13746 below that could see a test of 13642. Resistance is now seen at 13973 above that could see a resistance of 14097.

Trading Ideas:

Jeera trading range for the day is 13642-14096.

Jeera dropped as prospects of good sowing after the monsoon revived weighed on sentiment

Moisture in the soil is adequate and would help sowing that would begin from October.

NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 9155 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 28.1 rupees to end at 14446.6 rupees per 100 kg.