Jeera settled flat tracking weakness in spot demand and on lower export demand. Exporters are reportedly waiting for some dips before initiating fresh demand in mandis. Last week prices have been rising on good demand from overseas buyers and local stockiest. Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices. Sources are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and geopolitical crisis Syria. In Mehsana total arrivals are at 9000 quintals, up by 1000 quintals as against previous day. In Rajkot estimated market supply was at 800 quintals, lower by 100 quintals from previous trading day. The arrivals are dropping now and this trend is likely to keep buyers in the hunt. 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. Sources estimated that the total production of the Jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year. In Unjha, a key spot market in Gujarat, jeera edged down by -2 rupees to end at 11638.65 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -0.75% to settled at 6324, now Jeera is getting support at 11458 and below same could see a test of 11372 level, And resistance is now likely to be seen at 11613, a move above could see prices testing 11682.

Trading Ideas:

Jeera trading range for the day is 11380-11690.

Jeera settled flat tracking weakness in spot demand and on lower export demand.

Exporters are reportedly waiting for some dips before initiating fresh demand in mandis.

NCDEX accredited warehouses jeera stocks dropped by 24 tonnes to 722 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -2 rupees to end at 11638.65 rupee per 100 kg.