Jeera October contract gained Rs 265 and settled at Rs 14125 per quintal on value buying, offsetting rains in top producer Gujarat state which improved prospects for the sowing season. Buying at lower levels supported jeera prices, but rains over a couple of weeks have dampened sentiment. Sources mentioned that India's total jeera exports are expected to reach 45000 tonnes in the current year due to lower prices of Indian variety of jeera along with waning supplies in other exporting nations. In 2011, India has exported around 32500 tonnes of jeera. And this year, India has exported almost 33500 tonnes of jeera (almost 75% of the targeted exports). Moreover, receding stocks in major mandies might also instigate jeera buying at lower levels. The total jeera stocks are currently estimated at around 7-8 lakh bags, down almost 3 lakh bags from the last year. Therefore, weak stocks in major mandies along with strong export demand might gather sturdy buying in jeera market in the near term. The total arrivals remained unchanged at 3,000, while demand was seen for around 3,500 bags against 4,000 bags. In Unjha, a key spot market in Gujarat, jeera dropped -33.55 rupees to end at 14871.45 rupees per 100 kg. The contract made intraday low of Rs 13680 a kg and high of Rs 14130 a kg. Support for jeera is at 13827 below that could see a test of 13528. Resistance is now seen at 14277 above that could see a resistance of 14428.

Trading Ideas:

Jeera trading range for the day is 13528-14428.

Jeera bounced back on value buying, offsetting rains in Gujarat state improved prospects for sowing season.

Buying at lower levels supported jeera prices, but rains over a couple of weeks have dampened sentiment.

NCDEX accredited warehouses jeera stocks dropped by 45 tonnes to 10618 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -33.55 rupees to end at 14871.45 rupees per 100 kg.