Jeera November contract gained Rs 55 and settled at Rs 14212.5 per quintal on some improvement in local demand due to the festive season, marginal fresh enquiries from overseas buyers and thin supplies. However, prospects of better sowing due to favourable weather conditions restricted any sharp gains. Jeera prices have been on a corrective mode since many months and recently prices seem to have taken a pause from weakness. Prices are making higher lows, gradually though as seasonal demand provides the undercurrent for recovery. The country's Jeera exports are expected to reach 45,000 tonnes this year due to lower prices along with waning supplies in other exporting nations. Cumin exports during April - July 2012 is estimated to be 23,500 tonnes [Rs 304 crore] against 10,500 tonnes [Rs 140.32 crore] in the corresponding period of April- July 2011. The total arrivals increased to 4,000 bags from 1,500 bags, while demand was seen for around 6,000 bags against 13,000 bags over previous close. In Unjha, a key spot market in Gujarat, jeera gained 78.95 rupees to end at 14575 rupees per 100 kg. The contract made intraday low of Rs 14070 a kg and high of Rs 14345 a kg. Support for jeera is at 14073 below that could see a test of 13934. Resistance is now seen at 14348 above that could see a resistance of 14484.

Trading Ideas:

Jeera trading range for the day is 13934-14484.

Jeera prices gained sharply on export demand and reduced arrivals.

However, prospects of better sowing due to favourable weather conditions restricted any sharp gains

NCDEX accredited warehouses jeera stocks dropped by 63 tonnes to 9118 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 78.95 rupees to end at 14575 rupees per 100 kg.