Jeera settled down -1.3% at 12550 due to expanded area under cultivation and conducive weather that brightened the prospects of higher production and large stocks. Further, higher carry-forward stocks, expectations of higher production and supplies from the new season crop would further weigh on prices. 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. Traders 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 latest data estimated 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 -36.1 rupees to end at 12730.55 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 6.97% to settled at 7317 while prices down -165 rupee, now Jeera is getting support at 12430 and below same could see a test of 12310 level, And resistance is now likely to be seen at 12705, a move above could see prices testing 12860.

Trading Ideas:

Jeera trading range for the day is 12295-12845.

Jeera ended with losses due to expanded area under cultivation and conducive weather that brightened the prospects of higher production.

Sources anticipate exports to rise in coming months amidst reports of lower production in Turkey and Syria.

The latest data estimated 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 -36.1 rupees to end at 12730.55 rupee per 100 kg.