Jeera June contract dropped Rs 56 and settled at Rs 15117 per quintal due to lack of trading activities both on domestic as well international front which kept the prices lower. Production of jeera in Gujarat and Rajasthan in 2011 is expected to be around 21 lakh bags and 7-8 lakh bags respectively. Production of jeera in Syria and Turkey was around 20,000 tonnes and 15,000 tonnes respectively in 2010. The total fresh arrivals of jeera were steady at around 17,000 bags (demand was reported around 15000 bags). In Unjha, a key spot market in Gujarat, jeera dropped -37.5 rupees to end at 14900 rupees per 100 kg. The contract made intraday low of Rs 15027 a kg and high of Rs 15222 a kg. Support for jeera is at 15022 below that could see a test of 14927. Resistance is now seen at 15217 above that could see a resistance of 15317.

Trading Ideas:

Jeera trading range is 14927-15317.

Jeera dropped on higher supplies in spot and due to sluggish local and export demand

Jeera is having resistance at 15217 and support at 15022 level.

NCDEX accredited warehouses jeera stocks fell by 93 tonnes to 13036 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -37.5 rupees to end at 14900 rupees per 100 kg.