Jeera November contract gained Rs 47.5 and settled at Rs 14142.5 per quintal on strong buying support amid strong export demand supported. Cumin exports during April - July 2012 is estimated to be 23,500tonnes [Rs 304 crore] against 10,500 tonnes [Rs 140.32 crore] in the corresponding period of April- July 2011 in the previous year. According to markets sources, about 75% exports target has already been achieved due to a supply crunch in the global markets. Meanwhile, 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. Prices may find support at lower levels on expectations of higher export figures. However, good rains in Gujarat and higher carryover stocks may cap any sharp gains. The total arrivals decreased to 2,500 bags from 3,000 bags, while demand was seen for around 11,000 bags against 8,000 bags over previous close. In Unjha, a key spot market in Gujarat, jeera dropped -41.1 rupees to end at 14496.05 rupees per 100 kg. The contract made intraday low of Rs 14020 a kg and high of Rs 14232.5 a kg. Support for jeera is at 14031 below that could see a test of 13919. Resistance is now seen at 14243 above that could see a resistance of 14344.

Trading Ideas:

Jeera trading range for the day is 13920-14344.

Jeera traded with high positive note on strong buying support amid strong export demand supported.

The total arrivals decreased to 2,500 bags from 3,000 bags, while demand was seen for around 11,000 bags

NCDEX accredited warehouses jeera stocks dropped by 88 tonnes to 9181 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -41.1 rupees to end at 14496.05 rupees per 100 kg.