Jeera May contract gained Rs 297 and settled at Rs 15041 per quintal on short covering. The speculators anticipated fall in the commodity owing to its higher arrivals and absence of significant demand. However, some speculators also build up positions in the commodity on reports of buying activities picking up in the coming weeks at these lower levels as arrivals of better quality crop could lend support to the prices. Higher acreage expected in Gujarat and Rajasthan due to good moisture content in the soil. As per State Farm Dept, Gujarat, as on January 10, the acreage stood higher at 244,600 ha vs 242,700 ha last year. In Unjha, a key spot market in Gujarat, jeera dropped -29.55 rupees to end at 15040 rupees per 100 kg. The contract made intraday low of Rs 14778 a kg and high of Rs 15078 a kg. Support for jeera is at 14853 below that could see a test of 14666. Resistance is now seen at 15153 above that could see a resistance of 15266.

Trading Ideas:

Jeera trading range is 14666-15266.

Jeera yesterday gained on short covering

Jeera is having resistance at 15153 and support at 14853 level.

NCDEX accredited warehouses jeera stocks rose by 24 tonnes to 12747 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -29.55 rupees to end at 15040 rupees per 100 kg.