Jeera settled up 0.39% at 11725 tracking firmness in spot demand on concerns about production. Moreover, regular Export demand kept trend slight firm for Jeera as arrivals remained low. Any further pickup in Exports in coming days (as expected) could perk up prices. In Delhi sources reported arrivals at 8000 quintals, lower by 2000 quintals from previous day’s arrivals. In Mehsana reported arrivals at 8000 quintals, lower by 2000 quintals as against previous day. In Rajkot reported arrivals at 690 quintals, higher by 210 quintals as compared to previous day.

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. 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 103.1 rupees to end at 11650 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 0.76% to settled at 7509 while prices up 45 rupee, now Jeera is getting support at 11635 and below same could see a test of 11560 level, And resistance is now likely to be seen at 11815, a move above could see prices testing 11920.

Trading Ideas:

Jeera trading range for the day is 11565-11925.

Jeera prices ended with gains tracking firmness in spot demand on concerns about production.

Moreover, regular Export demand kept trend slight firm for Jeera as arrivals remained low.

NCDEX accredited warehouses jeera stocks dropped by 48 tonnes to 1399 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 103.1 rupees to end at 11650 rupee per 100 kg.