Jeera settled down -0.35% at 11310 due to slack demand in the spot market though some fresh export inquiries limited the downside. At Unjha market in Mehsana estimated market supply was at 5000 quintals, steady as against previous day’s arrival. At New Delhi market arrivals were reported at 6000 quintals, down by 2000 quintals from previous trading day. At Jodhpur market total arrivals are at 200 quintals, unchanged as compared to previous day’s arrival. Sources expect arrivals to remain moderate but till exports pick up significantly, trend likely to remain slight weak as of now. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Production is also expected to fall in Syria and Turkey due to crop failure. According to IBIS India’s Jeera exports have crossed 1,00,000 tonnes till Feb’14. Production of Jeera in 2013-14 is expected around 45-50 lakh bags, higher than 40-45 lakh bags last year. The arrivals are still low compared to their seasonal highs of around 10000-12000 bags few months back but are prompting a weak response from the buyers. In Unjha, a key spot market in Gujarat, jeera edged up by 16.7 rupees to end at 11319.45 rupee per 100 kg. Technically market is under long liquidation as market has witnessed drop in open interest by -1.76% to settled at 7701 while prices down -40 rupee, now Jeera is getting support at 11226 and below same could see a test of 11143 level, And resistance is now likely to be seen at 11421, a move above could see prices testing 11533.

Trading Ideas:

Jeera trading range for the day is 11143-11533.

Jeera ended with losses due to slack demand in the spot market though some fresh export inquiries limited the downside.

At Unjha market in Mehsana estimated market supply was at 5000 quintals, steady as against previous day’s arrival.

Sources expect arrivals to remain moderate but till exports pick up significantly, trend likely to remain slight weak as of now.

In Unjha, a key spot market in Gujarat, jeera edged up by 16.7 rupees to end at 11319.45 rupee per 100 kg.