Jeera settled up 1.35% at 11260 as support seen due to pick-up in domestic and export enquirers in the spot market. As per market sources, the export demand of jeera in local mandies will be underchecked at current levels on the account of fresh supplies from Syria and Turkey in international market. The prices will also be pressurized by higher supplies in local mandies. The spot market data suggested that daily arrivals of 20 thousand bags of jeera have been reported in previous trading against the demand of 12 thousand bags. Export demand however is expected to pick up in coming days and that could support the market sentiments to some extent. Again, reports of Govt likely to initiate steps to control price rise has kept market sentiments slight weak. In Unjha mandi ~20000 bags arrival was seen and export demand remained at ~18000 bags. This is up nearly 50% compared to last year when the crop suffered a setback. 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 peg exports at 86500 tonnes up by 95% during April-November 2013 compared with the same period a year ago. In Unjha, a key spot market in Gujarat, jeera edged up by 56.1 rupees to end at 11136.1 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 8.76% to settled at 4509 while prices up 150 rupee, now Jeera is getting support at 11110 and below same could see a test of 10960 level, And resistance is now likely to be seen at 11365, a move above could see prices testing 11470.

Trading Ideas:

Jeera trading range for the day is 10960-11470.

Jeera prices ended with gains as support seen due to pick-up in domestic and export enquirers in the spot market.

In Unjha mandi ~20000 bags arrival was seen and export demand remained at ~18000 bags.

NCDEX accredited warehouses jeera stocks dropped by 21 tonnes to 1926 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 56.1 rupees to end at 11136.1 rupee per 100 kg.