Jeera settled down -0.22% at 11090 on profit booking amid comfortable stock positions on the back of record high production coupled with huge carryover stocks. However downside seen limited on expectations of a pickup in the demand from the overseas markets (especially the Middle East) ahead of Ramadan. In Mehsana total arrivals were at 10000 quintals, down by 2000 quintals as compared to previous day. In Rajkot sources reported arrivals at 980 quintals, down by 270 quintals as compared to previous day. In Jodhpur total arrivals were at 500 quintals, steady as against previous day’s arrival. 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. Sources 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. In Unjha, a key spot market in Gujarat, jeera edged up by 82.8 rupees to end at 11118.75 rupee per 100 kg. Now Jeera is getting support at 11015 and below same could see a test of 10940 level, And resistance is now likely to be seen at 11195, a move above could see prices testing 11300.

Trading Ideas:

Jeera trading range for the day is 10940-11300.

Jeera dropped on profit booking amid comfortable stock positions on the back of record high production coupled with huge carryover stocks.

However downside seen limited on expectations of a pickup in the demand from the overseas markets ahead of Ramadan.

In Rajkot sources reported arrivals at 980 quintals, down by 270 quintals as compared to previous day.

In Unjha, a key spot market in Gujarat, jeera edged up by 82.8 rupees to end at 11118.75 rupee per 100 kg.