Jeera settled down -1.62% at 10910 tracking weak spot demand on weak overseas enquiries and higher spot supplies. Low trading activities have been noted but traders anticipate the exports to pick up in coming weeks. In Unjha mandi ~12000 bags arrival was seen and export demand remained at ~10000 bags. Jeera arrivals declined in the Unjha mandi over last previous month. Jeera prices have been under pressure for last few months amid hopes of a strong harvest. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and Syria. Latest reports from the Spices Board during the period April-December 2013, a total quantity of 96,500 tonnes of cumin valued Rs.1281.56 crore have been exported, registering an increase of 89% in quantity and 83% in value over same month's last year. As per the latest data release by Gujarat Agriculture Board, the total sowing acreage of Jeera in the state has been increased by 1.05 lakh hectares from the last year to reach 4.54 lakh hectares due to favorable weather conditions and strong export demand in local mandies. Sources estimated that the total production of the Jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year. In Unjha, a key spot market in Gujarat, jeera edged down by -14.3 rupees to end at 11067.65 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 13.13% to settled at 5841 while prices down -180 rupee, now Jeera is getting support at 10810 and below same could see a test of 10710 level, And resistance is now likely to be seen at 11075, a move above could see prices testing 11240.

Trading Ideas:

Jeera trading range for the day is 10710-11240.

Jeera prices ended with losses tracking weak spot demand on weak overseas enquiries and higher spot supplies.

Low trading activities have been noted but traders anticipate the exports to pick up in coming weeks.

In Unjha mandi ~12000 bags arrival was seen and export demand remained at ~10000 bags.

In Unjha, a key spot market in Gujarat, jeera edged down by -14.3 rupees to end at 11067.65 rupee per 100 kg.