Jeera settled down -1.89% at 10880 due to the subdued demand from retailers and stockists amid adequate stocks. Jeera arrivals declined in the Unjha mandi over last previous month. 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. Traders 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. The strong carryover stocks in local mandies also added selling in Jeera market as traders estimated that around 7-8 lakh bags of Jeera has been reported in major producing areas , up almost 3-4 lakh bags from the previous year. As per the latest spices export data released by the spices board of India, In Unjha, a key spot market in Gujarat, jeera edged down by -58.75 rupees to end at 11060 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 6.15% to settled at 7668 while prices down -210 rupee, now Jeera is getting support at 10763 and below same could see a test of 10647 level, And resistance is now likely to be seen at 11038, a move above could see prices testing 11197.

Trading Ideas:

Jeera trading range for the day is 10647-11197.

Jeera prices ended with losses due to the subdued demand from retailers and stockists amid adequate stocks.

Sources are expecting that exports should rise in coming months amidst reports of lower production in Turkey and Syria.

NCDEX accredited warehouses jeera stocks dropped by 54 tonnes to 1800 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -58.75 rupees to end at 11060 rupee per 100 kg.