Jeera settled down -1.08% at 11445 tracking weakness in spot demand and on lower export demand. Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and geopolitical crisis Syria. Exporters reportedly waited for some dips in prices before initiating fresh demand in the mandis. In New Delhi Arrivals were reported at 8000 quintals, lower by 1000 quintals as compared to previous day. In Mehasna Total arrivals are at 10000 quintals, up by 1000 quintals as compared to previous day. In Rajkot sources reported arrivals at 480 quintals, lower by 320 quintals from previous day’s arrivals. 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. Traders 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 up by 5.95 rupees to end at 11644.6 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -2.43% to settled at 6141 while prices down -125 rupee, now Jeera is getting support at 11350 and below same could see a test of 11265 level, And resistance is now likely to be seen at 11570, a move above could see prices testing 11705.

Trading Ideas:

Jeera trading range for the day is 11268-11708.

Jeera prices ended with losses tracking weakness in spot demand and on lower export demand.

Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices.

NCDEX accredited warehouses jeera stocks dropped by 3 tonnes to 719 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 5.95 rupees to end at 11644.6 rupee per 100 kg.