Jeera settled up 0.23% at 11035 on buying interest at low levels after prices dropped due to sluggish demand from overseas buyers coupled with comfortable supplies. At Rajkot market sources reported arrivals at 730 quintals, up by 339 quintals from previous day’s arrivals. At Unjha market in Mehsana arrivals were reported at 6000 quintals, down by 1000 quintals from previous day’s arrivals. At Jodhpur market sources reported arrivals at 200 quintals, steady as against previous day arrival. At New Delhi market total arrivals are at 12000 quintals, steady as against previous day’s arrival. 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. Sources expect arrivals to remain moderate but till exports pick up significantly, trend likely to remain slight weak as of now. According to IBIS India’s Jeera exports have crossed 1,00,000 tonnes till Feb’14. Production of Jeera is expected around 45-50 lakh bags (55 kgs each), higher than 40-45 lakh bags last year. In Unjha, a key spot market in Gujarat, jeera edged down by -23.45 rupees to end at 11025 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 3.39% to settled at 3840 while prices up 25 rupee, now Jeera is getting support at 10970 and below same could see a test of 10900 level, And resistance is now likely to be seen at 11085, a move above could see prices testing 11130.

Trading Ideas:

Jeera trading range for the day is 10900-11130.

Jeera prices ended with small gains on buying interest at low levels after prices dropped due to sluggish demand from overseas buyers.

At Rajkot market sources reported arrivals at 730 quintals, up by 339 quintals from previous day’s arrivals.

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.

In Unjha, a key spot market in Gujarat, jeera edged down by -23.45 rupees to end at 11025 rupee per 100 kg.