Jeera settled down -1.37% at 11545 due to lack of strong demand kept market slightly bearish amidst moderate arrivals. However downside seen limited with Export queries being there, and expected to pick up further in coming weeks. Besides, the export demand of jeera in local mandis will be lower on account of fresh supplies further fueled the downtrend. In Unjha mandi ~7500 bags arrival was seen and demand remained at ~6000 bags. In Delhi arrivals were reported at 8000 quintals, lower by 1000 quintals as compared to previous day. In Mehsana sources reported arrivals at 8000 quintals, down by 1000 quintals as against previous day. In Rajkot total arrivals are at 900 quintals, higher by 300 quintals from previous trading day. 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. 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 down by -37.7 rupees to end at 11640.65 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -7.51% to settled at 6390 while prices down -165 rupee, now Jeera is getting support at 11447 and below same could see a test of 11373 level, And resistance is now likely to be seen at 11657, a move above could see prices testing 11793.

Trading Ideas:

Jeera trading range for the day is 11382-11802.

Jeera prices ended with losses due to lack of strong demand kept market slightly bearish amidst moderate arrivals.

However downside seen limited with Export queries being there, and expected to pick up further in coming weeks.

NCDEX accredited warehouses jeera stocks dropped by -228 tonnes to 746 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -37.7 rupees to end at 11640.65 rupee per 100 kg.