Jeera February contract dropped Rs 196 and settled at Rs 14870 a kg as supply increased at higher prices and exports were sluggish. Overseas demand has been poor as buyers are waiting for the fresh crop to reach the market. Supplies have increased in the local market due to attractive prices.

Daily arrivals jumped to 6,000-7,000 bags against 2,000-2,500 bags last week. The total production of Gujarat is likely at 16 lakh bags against 21 lakh bags and Rajasthan is likely to report around 5 lakh bags against 7 lakh bags reported last year. In Unjha, a key spot market in Gujarat, jeera gained 35.6 rupees to end at 14785.6 rupees per 100 kg.

The contract made intraday low of Rs 14811 a kg and high of Rs 15248 a kg. Support for jeera is at 14705 below that could see a test of 14539. Resistance is now seen at 15142 above that could see a resistance of 15413. Trading Ideas: Jeera trading range is 14542-15416. Jeera dropped as supply increased at higher prices and exports were sluggish. Jeera is having resistance at 15146 and support at 14709 level.

NCDEX accredited warehouses jeera stocks rose 155 tonnes to 5798 tonnes. In Unjha, a key spot market in Gujarat, jeera gained 35.6 rupees to end at 14785.6 rupees per 100 kg.