Jeera February contract gained Rs 46 and settled at Rs 15040 a kg high volatility continued for Jeera as traders waited for new crop arrivals before initiating fresh demand. Low stocks in the markets supported the rates while absence of significant demand prevented the prices from rising too much. As per market, current levels are very low and they expect some recovery in rates from these low levels in coming weeks delayed sowing and prospects of delayed arrivals have been there. Weather in growing areas in Gujarat and Rajasthan remained critical for the crop growth in coming weeks any adverse weather conditions there could have bullish impact on the prices. Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-Nov have risen by 6% from 341,950 MT in 2009 to 361,650 MT in 2010. Jeera exports fell by 36% from 35,300 MT to 22,500 MT during the same period, In Unjha, a key spot market in Gujarat, jeera dropped -26.5 rupees to end at 14512.5 rupees per 100 kg. The contract made intraday low of Rs 14913 a kg and high of Rs 15140 a kg. Support for jeera is at 14922 below that could see a test of 14804. Resistance is now seen at 15149 above that could see a resistance of 15258.

Trading Ideas:

Jeera trading range is 14802-15256.

Jeera showing volatility as traders waited for new crop arrivals before initiating fresh demand.

Jeera is having resistance at 15149 and support at 14922 level.

NCDEX accredited warehouses jeera stocks rose 53 tonnes to 5741 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -26.5 rupees to end at 14512.5 rupees per 100 kg.