Jeera settled up 0.48% at 12535 due to overseas demand, though increased area under cultivation and conducive weather raising prospects of higher production restricted the upside. 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. Farmers in the key cultivating states have raised the area under the cultivation due to ample rains in the monsoon season and favourable weather. 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. 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 -70.15 rupees to end at 12631.95 rupee per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -2.41% to settled at 6684 while prices up 60 rupee, now Jeera is getting support at 12450 and below same could see a test of 12365 level, And resistance is now likely to be seen at 12600, a move above could see prices testing
12665.

Trading Ideas:

Jeera trading range for the day is 12368-12668.

Jeera prices gained due to overseas demand, though increased area under cultivation restricted the upside.

India exported 67,500 tonnes of cumin seed during April-September 2013, up from 35,018 tonnes in the year-earlier period

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 -70.15 rupees to end at 12631.95 rupee per 100 kg.