Jeera settled down -0.62% at 12470 due to the sluggish demand in the spot market against sufficient supplies. Stocks from the old crop are large and production is also likely to be higher than last year. Supplies from the new season crop may hit the market from mid-February. India exported 67,500 tonnes of cumin seed during April-September 2013, up from 35,018 tonnes in the year-earlier period, data from the Spices Board of India showed. Overseas demand is good for Indian jeera as supplies from other destinations are weak. Jeera is a winter crop sown from October. Farmers mainly depend on the rains to moisten the land for sowing. Farmers in the key cultivating states have raised the area under the cultivation due to ample rains in the monsoon season and favourable weather. Supplies from the new season crop are expected to hit the market from mid-February. 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. In Unjha, a key spot market in Gujarat, jeera edged up by 45.5 rupees to end at 12702.1 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 2.61% to settled at 6852 while prices down -77.5 rupee, now Jeera is getting support at 12385 and below same could see a test of 12300 level, And resistance is now likely to be seen at 12550, a move above could see prices testing 12630.

Trading Ideas:

Jeera trading range for the day is 12302-12632.

Jeera ended with losses due to the sluggish demand in the spot market against sufficient supplies.

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

Supplies from the new season crop may hit the market from mid-February.

In Unjha, a key spot market in Gujarat, jeera edged up by 45.5 rupees to end at 12702.1 rupee per 100 kg.