Jeera March contract dropped Rs 217.5 and settled at Rs 13900 per quintal weighed by weak demand in spot markets, higher area under cultivation and favourable weather conditions. Jeera is a winter crop for which sowing starts from October and extends until December. Demand is weak from local buyers and exports are also very marginal. Arrivals are weak in local mandis and export demand is likely to fetch in coming days as Syria and Turkey supply constraints exits. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Higher stocks for delivery on the exchange warehouses may pressurize prices. Jeera is grown as a rabi crop in India and it is also grown well in sub-tropical climate too, best suited for sandy soil. It requires less water and more cold for its better growth with ideal temperature of 25 to 30 degree. The area under coverage and climate condition is very crucial for the yield of the crop. Jeera crop is highly sensitive to rain, if rain occurs during harvesting time (February to March) quality of the Jeera will be badly affected besides quantity damage (due to fungal diseases). The total arrivals decreased to 3,000 bags from 4,000 bags, while demand was seen around 6,000 bags against 7,000 bags. In Unjha, a key spot market in Gujarat, jeera dropped -125 rupees to end at 14402.25 rupees per 100 kg. The contract made intraday low of Rs 13850 a kg and high of Rs 14117.5 a kg. Support for jeera is at 13794 below that could see a test of 13688. Resistance is now seen at 14062 above that could see a resistance of 14223.

JEERA

Jeera trading range for the day is 13689-14223.

Jeera dropped weighed by weak demand in spot markets, higher area under cultivation and favourable weather conditions.

Demand is weak from local buyers and exports are also very marginal

Higher stocks for delivery on the exchange warehouses may pressurize prices.

In Unjha, a key spot market in Gujarat, jeera dropped -125 rupees to end at 14402.25 rupees per 100 kg.

SELL JEERA MAR BELOW 14100 SL 14280 TGT 13980-13840-13760. NCDEX (STBT)