Jeera settled down -0.7% at 11425 due to Increase arrival and lack of strong demand. Pressure also seen due to revival of monsoon in major growing states of jeera such as Rajasthan and Gujarat. Prices have been rising on good demand from overseas buyers and local stockiest. Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and geopolitical crisis Syria. However, with rates having fallen a lot, traders are anticipating demand to pick up in the coming days. Rains in Gujarat however has been hampering the trading aspects in the mandis. Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices. Exports should rise in coming months amidst reports of lower production in Turkey and geopolitical crisis Syria. In Rajkot estimated market supply was at 1000 quintals, up by 400 quintals from previous day’s arrivals. In Mehsana Total arrivals are at 7000 quintals, steady as against previous day’s arrival. In Unjha, a key spot market in Gujarat, jeera edged up by 6.55 rupees to end at 11651.55 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -7.16% to settled at 5409 while prices down -80 rupee, now Jeera is getting support at 11364 and below same could see a test of 11302 level, And resistance is now likely to be seen at 11504, a move above could see prices testing 11582.

Trading Ideas:

Jeera trading range for the day is 11302-11582.

Jeera prices ended with losses due to Increase arrival and lack of strong demand.

Pressure also seen due to revival of monsoon in major growing states of jeera such as Rajasthan and Gujarat.

NCDEX accredited warehouses jeera stocks dropped by 3 tonnes to 707 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 6.55 rupees to end at 11651.55 rupee per 100 kg.