Jeera settled flat supported by overseas and local demand though increased acreage and prospects of higher production capped the gains. Although, export demand is supporting the prices but hopes of higher production are keeping the upside limited. Current prices are attractive and exports are good to Bangladesh and Srilanka. Farmers in the key cultivating states have raised the area under the cultivation due to ample rains in the monsoon season and favourable weather. Jeera is a winter crop sown from October. Farmers mainly depend on rains to moisten the land for sowing. Supplies from the new season crop are expected to 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. 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. Traders 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 up by 56.1 rupees to end at 12736.1 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -0.29% to settled at 7263 while prices down -7.5 rupee, now Jeera is getting support at 12677 and below same could see a test of 12603 level, And resistance is now likely to be seen at 12867, a move above could see prices testing 12983.

Trading Ideas:

Jeera trading range for the day is 12603-12983.

Jeera settled flat supported by overseas and local demand though increased acreage and prospects of higher production capped the gains

Although, export demand is supporting the prices but hopes of higher production are keeping the upside limited.

Current prices are attractive and exports are good to Bangladesh and Srilanka.

In Unjha, a key spot market in Gujarat, jeera edged up by 56.1 rupees to end at 12736.1 rupee per 100 kg.