Jeera December contract dropped Rs 167 and settled at Rs 14684 a kg due to drop in domestic and export demand. Export demand is weak because of the rising price of the commodity in the domestic market, which is not only hampering its overseas demand but also the domestic demand. As on November 15, farmers in Gujarat have cultivated the spice on 39,000 hectares, against 71,100 hectares during the same period last year. The total arrivals of jeera were around 3,000 bags were reported at Unjha Mandi and the estimated demand was 7,000 bags. In Unjha, a key spot market in Gujarat, jeera dropped -63.15 rupees to end at 14431 rupees per 100 kg. The contract made intraday low of Rs 14575 a kg and high of Rs 14923 a kg. Support for jeera is at 14532 below that could see a test of 14379. Resistance is now seen at 14880 above that could see a resistance of 15075.

Trading Ideas:

Jeera trading range is 14382-15078.

Jeera ended lower due to drop in domestic and export demand

Jeera is having resistance at 14880 and support at 14532 level.

NCDEX accredited warehouses jeera stocks fell 81 tonnes to 6301 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -63.15 rupees to end at 14431 rupees per 100 kg.