Jeera on NCDEX settled up by 1.77% at 17220 on expectations of increase in export demand at the spot market. There are expectations of increase in export demand at slightly lower levels. Jeera output during 2017 is estimated up at 5.83 million bags of 55 kilogram each from 4.21 million bags a year ago. Though jeera output may rise but prices are likely to decline due to higher export demand, opined most of the traders in the seminar. Jeera export in next fiscal is estimated around 100,000 ton. The arrivals of jeera in Gujarat are improving so as the demand. As per Agmarknet 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. 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 tons in first 9 month of marketing year 2016-17. In Unjha, a key spot market in Gujarat, jeera edged up by 197.85 Rupees to end at 17330 Rupees per 100 kg.Technically now Jeera is getting support at 16910 and below same could see a test of 16595 level, And resistance is now likely to be seen at 17485, a move above could see prices testing 17745.

Trading Ideas:

Jeera trading range for the day is 16595-17745.

Jeera prices ended with gains on expectations of increase in export demand at the spot market.

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

Jeera output during 2017 is estimated up at 5.83 million bags of 55 kilogram each from 4.21 million bags a year ago.

In Unjha, a key spot market in Gujarat, jeera edged up by 197.85 Rupees to end at 17330 Rupees per 100 kg.