Jeera settled down -0.38% at 12550 due to large stocks and prospects of increased output due to higher acreage. Overseas demand is moderate and is expected to pick up in the coming weeks as traders are waiting for the new season crop to hit the market. Farmers in the key cultivating states have raised the area under 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. As per the latest data release by Gujarat Agriculture Board , The total sowing acreage of jeera in the state has been increased by 1.05 lakh hectares from the last year to reach 4.54 lakh hectares due to favourable weather conditions and strong export demand in local mandies. Traders estimated that the total production of the jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -11.8 rupees to end at 12669.1 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -1.01% to settled at 6477 while prices down -47.5 rupee, now Jeera is getting support at 12507 and below same could see a test of 12463 level, And resistance is now likely to be seen at 12622, a move above could see prices testing 12693.

Trading Ideas:

Jeera trading range for the day is 12467-12697.

Jeera dropped due to large stocks and prospects of increased output due to higher acreage.

Overseas demand is moderate and is expected to pick up in the coming weeks as traders are waiting for the new season crop

Supplies from the new season crop are expected to hit the market from mid-February.

In Unjha, a key spot market in Gujarat, jeera edged down by -11.8 rupees to end at 12669.1 rupee per 100 kg.