Jeera settled firm due to some fresh export enquiries, slow sowing in the top producer Gujarat state and thin domestic supplies. Some fresh export enquires are seen at these prices amid less domestic supplies. The sowing is expected to gain momentum in the coming days, and have pressurized prices. However, expectation of strong export demand at lower levels and weak carryover stocks are likely to support the prices at lower side. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Supply concerns from Syria and Turkey still exists. Expectations are that export orders may still be diverted to India from the international markets due to lack of supplies from Syria on back of the ongoing civil war. The total Jeera stocks are currently estimated at around 5 lakh bags, down almost 3 lakh bags from the last year in the same year. On the demand side, the export demand of Jeera remained strong in local mandis due to weak supplies from Syria and Turkey. The total arrivals stood steady at 4,000 bags, while demand was seen around 7,000 bags. In Unjha, a key spot market in Gujarat, jeera gained 7.45 rupees to end at 14987.95 rupees per 100 kg. The contract made intraday low of Rs 15310 a kg and high of Rs 15475 a kg. Support for jeera is at 15328 below that could see a test of 15237. Resistance is now seen at 15493 above that could see a resistance of 15567.

Trading Ideas:

Jeera trading range for the day is 15237-15567.

Jeera settled firm due to some fresh export enquiries, slow sowing in the top producer Gujarat state and thin domestic supplies.

Some fresh export enquires are seen at these prices amid less domestic supplies.

NCDEX accredited warehouses jeera stocks dropped by 330 tonnes to 2667 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 7.45 rupees to end at 14987.95 rupees per 100 kg.