Jeera settled down -0.37% at 10810 as an improvement in demand offset prospects of higher output due to good rainfall in the top producing Gujarat state. Heavy rains in Gujarat continued to affect the trading prospects for Jeera adversely. Market sentiments weakened on lack of demand as arrivals too remained low. Till rains stop, the trading is expected to remain low. Also with sowing of the new crop to start next month, rains would be beneficial for the crop sowing as that increases the moisture content. At Unjha market in Mehsana estimated market supply was at 2000 quintals, down by 4000 quintals from previous trading day. At Rajkot market sources reported arrivals at 592 quintals, higher by 175 quintals from previous trading day. At Jodhpur market sources reported arrivals at 100 quintals, down by 100 quintals as compared to previous day. At New Delhi market estimated market supply was at 6000 quintals, steady as against previous day’s arrival. 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. In Unjha, a key spot market in Gujarat, jeera edged down by -93.75 rupees to end at 10906.25 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 7.94% to settled at 6033 while prices down -40 rupee, now Jeera is getting support at 10780 and below same could see a test of 10750 level, And resistance is now likely to be seen at 10860, a move above could see prices testing 10910.

Trading Ideas:

Jeera trading range for the day is 10750-10910.

Jeera ended weak as an improvement in demand offset prospects of higher output due to good rainfall.

Market sentiments weakened on lack of demand as arrivals too remained low.

Also with sowing of the new crop to start next month, rains would be beneficial for the crop sowing as that increases the moisture content.

In Unjha, a key spot market in Gujarat, jeera edged down by -93.75 rupees to end at 10906.25 rupee per 100 kg.