Jeera settled down by -1.89% at 16390 due to higher supplies from producing belts at spot market against sluggish demand. The jeera export from India may be lower as jeera from Syria and Turkey may come to world market in September-October. As per Department of commerce data, exports from India in first three months of FY 2015-16 is 25,318 MT. As per latest spice board press release, cumin export is stood at 155,500 tonnes for 2014-15 period and earned foreign exchange worth Rs 1,838.20 crore while in 2013- 14, the figures stood at 121,500 tonnes valued at Rs 1,600 crore. As per fourth advance estimate of Gujarat State, production is expected at 1.58 lt in 2014-15, which is 54.3 % lower, compared to last years' production of 3.46 lakh tonnes. Jeera sowing recorded 2.64 lh, 42% less sowing compared to last year's 4.54 lh in Gujarat last year. There is concern over production due to untimely rainfall in March in Gujarat and Rajasthan. As per Government data, 2.41 lh of cumin crop is damaged in Rajasthan. At Unjha market in Mehsana estimated market supply was at 3000 quintals, up by 1000 quintals from previous trading day. At Jodhpur (Raj.) market total arrivals are at 300 quintals, lower by 50 quintals from previous day's arrivals. In Unjha, a key spot market in Gujarat, jeera edged down by -11.35 rupees to end at 16413.65 rupee per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -0.63% to settled at 12759 while prices down -315 rupee, now Jeera is getting support at 16250 and below same could see a test of 16105 level, And resistance is now likely to be seen at 16640, a move above could see prices testing 16885.

Trading Ideas:

Jeera trading range for the day is 16105-16885.

Jeera prices dropped due to higher supplies from producing belts at spot market against sluggish demand.

As per fourth advance estimate of Gujarat State, production is expected at 1.58 lt in 2014-15, which is 54.3 % lower.

NCDEX accredited warehouses jeera stocks gained by 27 tonnes to 10893 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -11.35 rupees to end at 16413.65 rupee per 100 kg.