Jeera settled down -0.3% at 11515 due to profit-booking and a slowdown in demand at higher prices. Further, export demand of jeera in local mandies has reported some weakness at current levels on the account of fresh supplies from in international market mainly led to decline in jeera prices. In Delhi total arrivals are at 8000 quintals, unchanged as compared to previous day’s arrival. In Jodhpur arrivals were reported at 700 quintals, steady as against previous day’s arrival. In Mehsana estimated market supply was at 10000 quintals, up by 3000 quintals as against previous day.

In Rajkot arrivals were reported at 613 quintals, up by 103 quintals as compared to previous day. 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.

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 14.2 rupees to end at 11427.8 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 8.16% to settled at 6321, now Jeera is getting support at 11477 and below same could see a test of 11428 level, And resistance is now likely to be seen at 11577, a move above could see prices testing 11628.

Trading Ideas:

Jeera trading range for the day is 11425-11625.

Jeera prices ended with losses due to profit-booking and a slowdown in demand at higher prices.

In Mehsana estimated market supply was at 10000 quintals, up by 3000 quintals as against previous day.

The prices were also pressurized by revival of monsoon in major growing states of jeera such as Rajasthan and Gujarat.

In Unjha, a key spot market in Gujarat, jeera edged up by 14.2 rupees to end at 11427.8 rupee per 100 kg.