Jeera settled down -1.83% at 11905 pressured by large stocks and prospects of higher production. Harvesting is set to begin soon and a higher arrival could pressurize the prices further. Clear skies in Gujarat and Rajasthan benefitting the crop growth. Some export noted but will pick up after new crop arrivals. Trading activities are expected to pick up in coming weeks both on the Export and the Domestic front as the new crop arrivals too start from February onwards. In Unjha mandi ~9000 bags arrival was seen and demand remained at ~8000 bags. 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 favorable 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. The strong carryover stocks in local mandies also added selling in Jeera market as traders estimated that around 7-8 lakh bags of Jeera has been reported in major producing areas , up almost 3-4 lakh bags from the previous year. However, bargain buying might support recovery at lower levels in medium term on strong export data reports. In Unjha, a key spot market in Gujarat, jeera edged down by -30.45 rupees to end at 12477.05 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 2.27% to settled at 6762 while prices down -222.5 rupee, now Jeera is getting support at 11815 and below same could see a test of 11725 level, And resistance is now likely to be seen at 12065, a move above could see prices testing 12225.

Trading Ideas:

Jeera trading range for the day is 11724-12224.

Jeera ended with losses pressured by large stocks and prospects of higher production.

Harvesting is set to begin soon and a higher arrival could pressurize the prices further.

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

In Unjha, a key spot market in Gujarat, jeera edged down by -30.45 rupees to end at 12477.05 rupee per 100 kg.