Jeera settled down -0.23% at 10830 on weak export and domestic demand. Prices have corrected from higher levels as comfortable supplies on the back of record output along with huge carryover stocks pressurized prices. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Production is also expected to fall in Syria and Turkey due to crop failure.  Arrivals in Unjha were reported at 30,000 bags. Exports of Jeera between Apr-Dec 2013 stood at 96,500 tn, up 89% as against 50,944 tn between Apr-Dec 2012. According to IBIS India’s Jeera exports have crossed 1,00,000 tonnes till Feb’14. Production of Jeera in 2013-14 is expected around 45-50 lakh bags (55 kgs each), higher than 40-45 lakh bags last 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. In Unjha, a key spot market in Gujarat, jeera edged up by 12.5 rupees to end at 11000 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 1.33% to settled at 7560 while prices down -25 rupee, now Jeera is getting support at 10748 and below same could see a test of 10687 level, And resistance is now likely to be seen at 10903, a move above could see prices testing 10997.

Trading Ideas:

Jeera trading range for the day is 10693-11003.

Jeera prices ended with losses on weak export and domestic demand.

Prices have corrected from higher levels as comfortable supplies on the back of record output along with huge carryover stocks weighed.

NCDEX accredited warehouses jeera stocks gained by 21 tonnes to 1731 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 12.5 rupees to end at 11000 rupee per 100 kg.