Jeera on NCDEX settled up by 0.26% at 17685 on expectation of pickup in export demand at the spot market. Further, tight stocks following lower supply from the producing belts also added support to jeera prices uptrend. In the next few months, the prices will depend on export demand, which is expected to pick up as prices have corrected enough in last 2 weeks. According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of 2016-17 is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year’s export volume due to good demand from Vietnam and Bangladesh. In Jun country, exports 9,859 tonnes of jeera, which is lower by 52 %, compared to May (20,383 tonnes) but 39% higher y/y (7,064 tonnes). As per 4thadvance estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production was 3.46 lt. According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of 2016-17 is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year’s export volume due to good demand from China and Bangladesh. In Unjha, a key spot market in Gujarat, jeera edged up by 53.95 rupees to end at 18292.85 rupee per 100 kg.Technically now Jeera is getting support at 17560 and below same could see a test of 17440 level, And resistance is now likely to be seen at 17790, a move above could see prices testing 17900.

Trading Ideas:

Jeera trading range for the day is 17440-17900.

Jeera ended with gains on expectation of pickup in export demand at the spot market.

There is expectation of increase in demand as supplies are dwindling.

NCDEX accredited warehouses jeera stocks dropped by 96 tonnes to 4667 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged up by 53.95 rupees to end at 18292.85 rupee per 100 kg.