Jeera settled down -0.23% at 11950 as pressure tracking weak spot demand due to side in fresh supplies. 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. Sources 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. India exported Cumin of 86,500 MT for Rs. 1150.56 crores during the period April to November 2013, jumped 95% and 90% respectively in volume and value of exports over the same period last year. Arrivals of good quality new crop are expected to pick up in coming days. Exporters are reportedly waiting for some more corrections in prices with arrivals set to pick up in coming weeks. In Unjha mandi ~10000 bags arrival was seen and demand remained at ~10000 bags. In Unjha, a key spot market in Gujarat, jeera edged up by 9.4 rupees to end at 12366.9 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -2.18% to settled at 6717 while prices down -27.5 rupee, now Jeera is getting support at 11875 and below same could see a test of 11800 level, And resistance is now likely to be seen at 12030, a move above could see prices testing 12110.

Trading Ideas:

Jeera trading range for the day is 11813-12123.

Jeera settled down as pressure tracking weak spot demand due to side in fresh supplies.

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

Sources estimated that the total production of the Jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags

In Unjha, a key spot market in Gujarat, jeera edged up by 9.4 rupees to end at 12366.9 rupee per 100 kg.