Jeera settled up 0.61% at 11550 supported by rise in domestic and export demand. Further, restricted arrivals from producing belts supported the upside in prices. In Jodhpur estimated market supply was at 700 quintals, lower by 100 quintals as compared to previous day. In Rajkot total arrivals are at 510 quintals, up by 92 quintals from previous day’s arrivals. In Mehsana arrivals were reported at 7000 quintals, steady as against previous day’s arrival. With arrivals weakening in markets, the fall in rates may be limited however. Any further pickup in Exports in coming days (as expected) could perk up prices further. As per market sources, the export demand of jeera in local mandies has reported some weakness at current levels on the account of fresh supplies from Syria and Turkey in international market. The prices were also pressurized by revival of monsoon in major growing states of jeera such as Rajasthan and Gujarat. 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 up by 53.25 rupees to end at 11413.6 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 4.39% to settled at 5856 while prices up 70 rupee, now Jeera is getting support at 11458 and below same could see a test of 11362 level, And resistance is now likely to be seen at 11633, a move above could see prices testing 11712.

Trading Ideas:

Jeera trading range for the day is 11360-11710.

Jeera prices ended with gains supported by rise in domestic and export demand.

Further, restricted arrivals from producing belts supported the upside in prices.

In Mehsana arrivals were reported at 7000 quintals, steady as against previous day’s arrival.

In Unjha, a key spot market in Gujarat, jeera edged up by 53.25 rupees to end at 11413.6 rupee per 100 kg.