Jeera ended with losses amid higher domestic supplies and on a good monsoon. Jeera prices are trading in a tight range after witnessing some selling in the middle of last week. Prices are expected to hold on amid good overseas demand and falling arrivals. Demand is moderating in local markets now but prices continue to linger just under their four-month highs as the sentiments still remain positive amid favorable global offtake. Spot Jeera markets are still witnessing a good activity amid renewed buying interest. The futures have also witnessed good upside in last few days and further rise is possible given the persistent worries over supplies from Syria in world markets. Heavy rainfall has been witnessed in few regions Gujarat though no major impact of the same has been seen so far. The total arrivals increased to 4,000 bags from 1,500 bags, while demand was seen around 5,000 bags against 6,000 bags. India is the largest jeera producer in the world, followed by Syria and Turkey. Jeera is a winter crop sown from October, and farmers depend on rains to moisten the land for sowing. Jeera exports increased by 76% to 79,900 tons in 2012-13 valued at Rs. 1093.17 crore from 45,500 tons recorded in the previous year. In Unjha, a key spot market in Gujrat, jeera edged down by -19.55 rupees to end at 13455 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -9.55% to settled at 10851 while prices down -15 rupee, now Jeera is getting support at 12753 and below same could see a test of 12637 level, And resistance is now likely to be seen at 12968, a move above could see prices testing 13067.

Trading Ideas:

Jeera trading range for the day is 12633-13063.

Jeera ended with losses amid higher domestic supplies and on a good monsoon.

Spot Jeera markets are still witnessing a good activity amid renewed buying interest.

NCDEX accredited warehouses jeera stocks dropped by 33 tonnes to 6427 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -19.55 rupees to end at 13455.45 rupee per 100 kg.