Jeera settled down -0.67% at 11777.5 as higher arrivals of the new crop pressurized the market sentiments as weather remained cool in Gujarat and Rajasthan. But reports of demand likely to pick up at the lower levels are keeping downtrend limited too. In Unjha mandi ~5000 bags arrival was seen and demand remained at ~5000 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 5-6 lakh bags of Jeera has been reported in major producing areas , up almost 2-3 lakh bags from the previous year. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -171.9 rupees to end at 12109.05 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 0.59% to settled at 6609 while prices down -80 rupee, now Jeera is getting support at 11713 and below same could see a test of 11649 level, And resistance is now likely to be seen at 11856, a move above could see prices testing 11935.

Trading Ideas:

Jeera trading range for the day is 11660-11946.

Jeera ended with losses as higher arrivals of the new crop pressurized the market sentiments as weather remained cool in Gujarat and Rajasthan.

But reports of demand likely to pick up at the lower levels are keeping downtrend limited too.

In Unjha mandi ~5000 bags arrival was seen and demand remained at ~5000 bags.

In Unjha, a key spot market in Gujarat, jeera edged down by -171.9 rupees to end at 12109.05 rupee per 100 kg.