Jeera settled down -1.15% at 11205 as large supplies in spot markets and weak local and overseas demand weighed on sentiment. In Unjha mandi ~30000 bags arrival was seen and export demand remained at ~30000 bags. Prices have been under pressure off late as the supplies remain very good and the commodity is lingering around their multi year lows. However, the arrivals are dropping now and this trend is likely to keep buyers in the hunt. The market sources suggested that the total domestic Jeera production is estimated at 55-60 lakh bags in the current year against the previous estimates of 45-48 lakh bags. This is mainly due to strong production estimates in Gujarat. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and Syria. Latest reports from the Spices Board during the period April-December 2013, a total quantity of 96,500 tonnes of cumin valued Rs. 1281.56 crore have been exported, registering an increase of 89% in quantity and 83% in value over same month's last year. According to the latest data release by Gujarat Agriculture Board, the total acreage in the State has increased by 1.05 lakh hectares to 4.54 lakh hectares due to favourable weather. In Unjha, a key spot market in Gujarat, jeera edged up by 106.65 rupees to end at 11286.65 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -0.73% to settled at 9393, now Jeera is getting support at 11103 and below same could see a test of 11012 level, And resistance is now likely to be seen at 11353, a move above could see prices testing 11512.

Trading Ideas:

Jeera trading range for the day is 11015-11515.

Jeera prices dropped as large supplies in spot markets and weak local and overseas demand weighed on sentiment.

However, the arrivals are dropping now and this trend is likely to keep buyers in the hunt.

NCDEX accredited warehouses jeera stocks gained by 3 tonnes to 2711 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 106.65 rupees to end at 11286.65 rupee per 100 kg.