Jeera ended with losses as expanded area under cultivation and conducive weather brightened the prospects of higher production and large inventories in the coming time. Moreover, lack of strong trading activities in the mandis with low export queries due to New Year Holidays kept trend sideways for Jeera. With sowing being reported higher in the growing States of Gujarat and Rajasthan and weather being conducive for the crop growth, the uptrend may be limited. Sources anticipate exports to rise in coming months amidst reports of lower production in Turkey and Syria. Latest reports from the Spices Board peg exports at 67,500 tonnes up by 93 per cent in volume and value during April-September 2013 compared with the same period a year ago. As per market sources, around 80-85% of the sowing has already been completed in the major parts of Gujarat and Rajasthan. Sources estimated that the current year Jeera production is estimated to be around 40-42 lakh bags in the current year, up almost 5-7 lakh bags from the year. This will also reduce the exporters demand in local mandies with the expectation of further decline in prices in the coming days. The estimated data showed that the Jeera stocks at 7 lakh bags against 9-10 lakh bags in the same period of last year. In Unjha, a key spot market in Gujarat, jeera edged down by -22.8 rupees to end at 12766.65 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -1.38% to settled at 6840 while prices down -12.5 rupee, now Jeera is getting support at 12628 and below same could see a test of 12546 level, And resistance is now likely to be seen at 12815, a move above could see prices testing 12920.

Trading Ideas:

Jeera trading range for the day is 12547-12921.

Jeera ended with losses as expanded area under cultivation and conducive weather brightened the prospects of higher production

Moreover, lack of strong trading activities in the mandis with low export queries due to New Year Holidays kept trend sideways.

The estimated data showed that the Jeera stocks at 7 lakh bags against 9-10 lakh bags in the same period of last year.

In Unjha, a key spot market in Gujarat, jeera edged down by -22.8 rupees to end at 12766.65 rupee per 100 kg.