Jeera on NCDEX settled up by 1.8% at 16970 on short covering tracking firmness in spot prices despite of higher arrivals. There are expectations of increase in export demand at slightly lower levels. The arrivals of jeera in Gujarat are improving so as the demand. As per data, during Feb 27- Mar 4 about 9,901 tonnes of jeera arrived compared to 6,273 tonnes in the previous week. On the export front, Jeera exports from country increase by 26.9% to 1.33 lt for the calendar year 2016 while the exports increase by 36.7% to 93,724 tonnes in first 9 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt. In the current rabi season, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,700 hectares compared to last year acreage of 2,95,400 hectares . At Unjha market in Mehsana estimated market supply was at 35000 quintals, steady as against previous day’s arrival. At Patan market in Patan (Guj.), total arrivals are at 956 quintals, higher by 619 quintals as compared to previous day. At Dhrol market in Jamnagar (Guj.), estimated market supply was at 379 quintals, higher by 91 quintals from previous trading day. In Unjha, a key spot market in Gujarat, jeera edged up by 133.9 Rupees to end at 17195.45 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 8.47% to settled at 6531 while prices up 300 rupees, now Jeera is getting support at 16660 and below same could see a test of 16345 level, And resistance is now likely to be seen at 17190, a move above could see prices testing 17405.

Trading Ideas:

Jeera trading range for the day is 16345-17405.

Jeera prices ended with gains on short covering tracking firmness in spot prices despite of higher arrivals.

There are expectations of increase in export demand at slightly lower levels.

As per data, during Feb 27- Mar 4 about 9,901 tonnes of jeera arrived compared to 6,273 tonnes in the previous week.

In Unjha, a key spot market in Gujarat, jeera edged up by 133.9 Rupees to end at 17195.45 Rupees per 100 kg.