Commodity Outlook for Jeera by Kedia CommodityJeera November contract dropped Rs 110 and settled at Rs 12960 a kg on weak export demand and on hopes of a rise in acreage in the up-coming season due to sufficient soil moisture. The export demand for Indian Jeera is weak currently. Domestic stocks are lower and prices of Syria and Turkey quoted at higher rates. The receding arrivals in major mandies coupled with diminishing stocks in domestic markets might insist some buying in jeera in the near term. The total availability of jeera stocks were at 8-9lakh bags against 13-14 lakh bags reported last year in the same period. In Unjha, a key spot market in Gujarat, jeera gained 68.75 rupees to end at 13175 rupees per 100 kg. The contract made intraday low of Rs 12835 a kg and high of Rs 13110 a kg. Support for jeera is at 12827 below that could see a test of 12693. Resistance is now seen at 13102 above that could see a resistance of 13243.

Trading Ideas:

Jeera trading range is 12693-13243.

Jeera ended lower on weak export demand and on hopes of a rise in acreage

Jeera is having resistance at 13102 and support at 12827 level.

Total availability of stocks were at 8-9lakh bags against 13-14 lakh bags reported last year

In Unjha, a key spot market in Gujarat, jeera gained 68.75 rupees to end at 13175 rupees per 100 kg.