Jeera prices seen under pressure as demand was weak in the spot market and buying interest was low. Moreover adequate supplies from producing regions mainly led to decline in jeera prices. Record output and huge carryover stocks have also pressurized prices. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Production is also expected to fall in Syria and Turkey due to crop failure.  At Unjha market in Mehsana arrivals were reported at 7000 quintals, down by 1000 quintals from previous day’s arrivals. At Rajkot market sources reported arrivals at 480 quintals, lower by 250 quintals as against previous day. At New Delhi market sources reported arrivals at 7000 quintals, unchanged as compared to previous day’s arrival. At Jodhpur market arrivals were reported at 250 quintals, unchanged as compared to previous day’s arrival. Sources expect arrivals to remain moderate but till exports pick up significantly, trend likely to remain slight weak as of now. The export prices are at $2.93 per kg, gaining by 10% over last one month. In Unjha, a key spot market in Gujarat, jeera edged down by -83 rupees to end at 11150 rupee per 100 kg. technically market is under fresh buying as market has witnessed gain in open interest by 1.83% to settled at 3165 while prices up 10 rupee, now Jeera is getting support at 11220 and below same could see a test of 11155 level, And resistance is now likely to be seen at 11330, a move above could see prices testing 11375.

Trading Ideas:

Jeera trading range for the day is 11155-11375.

Jeera settled flat as prices seen under pressure as demand was weak in the spot market and buying interest was low.

Area under jeera in Gujarat was reported at 455,000 ha while about 390,000 ha were sown in Rajasthan.

NCDEX accredited warehouses jeera stocks gained by 18 tonnes to 291 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -83 rupees to end at 11150 rupee per 100 kg.