Jeera July contract dropped Rs 40 and settled at Rs 11612 a kg on hopes of higher output, sluggish domestic and overseas demand. Weakness in overseas demand is weighing on sentiment. Local demand has also dried up on likelihood of further fall in the prices. In Unjha, a key spot market in Gujarat, jeera dropped 123 rupees to end at 12,223 rupees per 100 kg. The contract made intraday low of Rs 11525 a kg and high of Rs 11660 a kg. Support for jeera is at 11538 below that could see a test of 11464. Resistance is now seen at 11673 above that could see a resistance of 11734.

Trading Ideas:

Jeera trading range is 11464-11734.

Jeera ended down on hopes of higher output and sluggish demand

Support for the jeera is at 11540 and resistance is at 11680.

NCDEX accredited warehouses jeera stocks dropped 87 tonnes to 8703 tonnes.

JEERA TRADING BELOW 11780 A BREAK CAN BOUNCE TILL 12000 LEVEL. NCDEX

In Unjha spot prices dropped 123 rupees to end at 12,223 rupees per 100 kg