Jeera yesterday settled down -0.58% at 13270 as surge in the supply from the producing regions in the midst of a decline in the export demand weighed on prices. Jeera may trade with a negative bias on account of higher supplies. However, overseas demand may support prices at lower levels. Even though export queries are there, yet till the skies clear up, the trading activities may not pick up strongly. The total arrivals decreased to 6,000 bags from 7,000 bags, while demand was seen around 7,000 bags against 10,500 bags. As per market source, India's jeera exports are seen rising nearly 13 percent to 90000 tons in 2013-14 (Apr-Mar) from 79900 tons in the same period previous year. Added, this year's production in Syria is expected to be around 4000-5000 tons, while Turkey is expected to produce around 5000 tons. The total Jeera production is seen 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. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. The Cumin crop in Iran is failure due to bad weather and thus would support the Indian cumin seed market in long term. In Unjha, a key spot market in Gujarat, jeera edged down by -24.95 rupees to end at 13626 rupee per 100 kg. Technically now Jeera is getting support at 13155 and below same could see a test of 13040 level, And resistance is now likely to be seen at 13373, a move above could see prices testing 13476.

Trading Ideas:

Jeera trading range for the day is 13037-13473.

Jeera dropped as surge in the supply from the producing regions in the midst of a decline in the export demand weighed on prices.

The total arrivals decreased to 6,000 bags from 7,000 bags, while demand was seen around 7,000 bags against 10,500 bags.

NCDEX accredited warehouses jeera stocks gained by 130 tonnes to 6853 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -24.95 rupees to end at 13626.3 rupee per 100 kg.