Jeera prices recovered from lows on short covering after prices dropped tracking bearish local markets amid higher domestic supplies and on a good monsoon. The outlook remains weak in jeera because of subdued local demand and higher supplies. Low trading activities due to the ongoing rains in Gujarat and Rajasthan kept trend weak for Jeera. Even though export queries are there, yet till the skies clear up, the trading activities may not pick up strongly. Spot remained firm as traders anticipate a pick up in exports in coming days. In Unjha mandi ~8000 bags arrival was seen and demand remained at ~7000 bags. Jeera exports increased by 76% to 79,900 tons in 2012-13 valued at Rs.1093.17 crore from 45,500 tons recorded in the previous year. As per market source, India's jeera exports are seen rising nearly 13 percent to 90000 tons in 2013-14 (Apr-Mar) from 79900 tons in the same period previous year. Added, this year's production in Syria is expected to be around 4000-5000 tons, while Turkey is expected to produce around 5000 tons. The total Jeera production is seen 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. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. In Unjha, a key spot market in Gujarat, jeera edged down by -40.75 rupees to end at 13586 rupee per 100 kg. Now Jeera is getting support at 13091 and below same could see a test of 12912 level, And resistance is now likely to be seen at 13368, a move above could see prices testing 13466.

Trading Ideas:

Jeera trading range for the day is 12906-13460.

Jeera recovered from lows on short covering after prices dropped amid higher domestic supplies and on a good monsoon

The outlook remains weak in jeera because of subdued local demand and higher supplies.

NCDEX accredited warehouses jeera stocks dropped by 309 tonnes to 6544 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -40.75 rupees to end at 13585.55 rupee per 100 kg.