Jeera settled down -0.2% at 12540 increased area under cultivation and conducive weather raising prospects of higher production. Further, fresh positions taken by speculators, following rising demand in the spot markets, mainly pushed up futures prices, but expectations of higher output capped the gains. Stocks from the old crop are large and production is also likely to be higher than the previous year. Supplies from the new season crop are expected to hit the market from mid-February. Moreover, expectations of higher production and large stocks put pressure on prices. About 4,000-4,500 bags of jeera arrived at the Unjha Agriculture Produce Marketing Committee yard. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -19.8 rupees to end at 12656.6 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 0.77% to settled at 6693 while prices down -25 rupee, now Jeera is getting support at 12512 and below same could see a test of 12484 level, And resistance is now likely to be seen at 12579, a move above could see prices testing 12618.

Trading Ideas:

Jeera trading range for the day is 12485-12621.

Jeera prices ended with losses increased area under cultivation and conducive weather raising prospects of higher production.

Stocks from the old crop are large and production is also likely to be higher than the previous year

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

In Unjha, a key spot market in Gujarat, jeera edged down by -19.8 rupees to end at 12656.6 rupee per 100 kg.