Jeera June contract gained Rs 245 and settled at Rs 13280 per quintal on an improvement in demand from exporters amid concerns over shipments from Syria, another leading producer of the crop. Exporters are active in the spot market. The conflict in Syria is likely to benefit Indian exporters. The total jeera production of around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of jeera from Gujarat. Moreover, hedgers selling in futures market in order to protect their long position in physical market also added the selling pressure in jeera market. The total arrivals of jeera were reported at 12 thousand bags, up 2000 bags from the last day. Traders are expecting that the total production of Jeera in the current year is expected to be around 34 -35 lakh bags, up 1 lakh bags from the last year. This is mainly due to better crop productivity in some areas of Gujarat and quality is poor in Rajasthan. The counter may witness some bargain buying on some export orders in long term as supply constraints exits in Syria, Turkey. As per market sources, the spot mandies of jeera have reported the record arrivals of around 2.50 lakh bags in the last week. This was mainly due to ample carryover stocks of around 8-10 lakh bags of old jeera in local mandies along with anticipation of strong jeera production in the current year. In Unjha, a key spot market in Gujarat, jeera gained 35.3 rupees to end at 13579.4 rupees per 100 kg. The contract made intraday low of Rs 13075 a kg and high of Rs 13325 a kg. Support for jeera is at 13128 below that could see a test of 12977. Resistance is now seen at 13378 above that could see a resistance of 13477.

Trading Ideas:

Jeera trading range for the day is 12977-13477.

Jeera rose on an improvement in demand from exporters amid concerns over shipments from Syria.

Total jeera production of around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year.

NCDEX accredited warehouses jeera stocks gained by 31 tonnes to 7439 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 35.3 rupees to end at 13579.4 rupees per 100 kg.