Jeera October contract dropped Rs 290 and settled at Rs 14357.5 per quintal as selling continued due to sluggish export demand in physical market. As per sources, persistent selling by hedgers in futures market against their physical stocks might incite strong selling in jeera futures in the near term. Moreover, poor export demand of domestic jeera in the near term due to fresh supplies from Syria and Turkey also add some selling in both spot and futures market. The total arrivals remains unchanged at 4,000 bags, while demand was seen for around 5,000 bags against 6,000 bags. Demand is expected to pick up in coming weeks however as traders wait for some more dips for the commodity. Festive season demand are set to pick up Overall lower rainfall activities in Gujarat and Rajasthan this year could have a long term Bullish impact on the prices. Rains at this stage would be beneficial for the sowing activities due to start over next few months. Traders expect high volatility to continue in near term but medium to long term trend looks bullish as exports are expected to pick up in coming months amidst lower production reports in Turkey and Syria. In Unjha, a key spot market in Gujarat, jeera dropped -296.9 rupees to end at 15085.7 rupees per 100 kg. The contract made intraday low of Rs 14150 a kg and high of Rs 14630 a kg. Support for jeera is at 14128 below that could see a test of 13899. Resistance is now seen at 14608 above that could see a resistance of 14859.

Trading Ideas:

Jeera trading range for the day is 13899-14859.

Jeera prices ended lower as selling continued due to sluggish export demand in physical market

Poor export demand of domestic jeera due to fresh supplies from Syria and Turkey also add some selling

NCDEX accredited warehouses jeera stocks gained by 1 tonnes to 11083 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -296.9 rupees to end at 15085.7 rupees per 100 kg.