Jeera June contract dropped Rs 90 and settled at Rs 13205 per quintal tracking weak spot demand though downside was limited on thin supplies and rising demand from exporters, amid concerns over shipments from Syria. Arrivals are likely to come down in the coming days. Sources are expecting improvement in exports orders due to supply disruption n Syria. The total arrivals stood at 10,000 bags, while demand was seen around 12,000 bags. The total jeera production of around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of jeera from Gujarat. Moreover, hedgers selling in futures market in order to protect their long position in physical market also added the selling pressure in jeera market. The total arrivals of jeera were reported at 12 thousand bags, up 2000 bags from the last day. Traders are expecting that the total production of Jeera in the current year is expected to be around 34 -35 lakh bags, up 1 lakh bags from the last year. As per market sources, the spot mandies of jeera have reported the record arrivals of around 2.50 lakh bags in the last week. This was mainly due to ample carryover stocks of around 8-10 lakh bags of old jeera in local mandies along with anticipation of strong jeera production in the current year. In Unjha, a key spot market in Gujarat, jeera gained 41.65 rupees to end at 13621.05 rupees per 100 kg. The contract made intraday low of Rs 13155 a kg and high of Rs 13437.5 a kg. Support for jeera is at 13094 below that could see a test of 12983. Resistance is now seen at 13377 above that could see a resistance of 13548.

Trading Ideas:

Jeera trading range for the day is 12984-13548.

Jeera ended with losses tracking weak spot demand though downside was limited on thin supplies and rising demand from exporters

The total arrivals stood at 10,000 bags, while demand was seen around 12,000 bags.

NCDEX accredited warehouses jeera stocks gained by 21 tonnes to 7460 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 41.65 rupees to end at 13621.05 rupees per 100 kg.