Jeera October contract dropped Rs 212.5 and settled at Rs 13902.5 per quintal on profit booking after gained spurred by strong demand of stockiest and exporters along with supplies in local mandies. Market sources stated that poor supplies from other exporting nations such as Syria and Turkey might increase the total jeera exports in the current. Moreover, weak arrivals of jeera in the local mandies also added some gains. The total arrivals decreased to 2,000 bags from 3,000 bags, while demand was seen for around 4,000 bags against 3,500 bags. The total arrivals increased to 2,500 bags from 2,000 bags, while demand was seen for around 7,000 bags against 4,000 bags. Traders 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 also added some gains in jeera futures at lower levels. In Unjha, a key spot market in Gujarat, jeera gained 5.85 rupees to end at 14847.5 rupees per 100 kg. The contract made intraday low of Rs 13850 a kg and high of Rs 14295 a kg. Support for jeera is at 13737 below that could see a test of 13571. Resistance is now seen at 14182 above that could see a resistance of 14461.

Trading Ideas:

Jeera trading range for the day is 13571-14461.

Jeera dropped on profit booking after gained spurred by strong demand along with supplies in local mandies.

Poor supplies from other exporting nations such as Syria and Turkey might increase the total jeera exports

NCDEX accredited warehouses jeera stocks gained by 60 tonnes to 10691 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 5.85 rupees to end at 14847.5 rupees per 100 kg.