Jeera June contract gained Rs 47 and settled at Rs 15157 per quintal on expectations of demand rising at these lower levels. Further, apprehensions of lower production also supported. The total daily arrivals of jeera were reported at 14000 bags against 28000 bags that were reported at the beginning of the month. Moreover , waning opening stocks of around 3-4 lakh bags against 8-9 lakh bags of last year also allowed traders and exporters to initiate some of its procurement from the current levels. Fresh crop arrivals from the other mayor producers Syria and Turkey are slated to commence from May end - June. These countries are currently reported to have low carry over stock and are awaiting arrivals from the new crop. In Unjha, a key spot market in Gujarat, jeera dropped -30.7 rupees to end at 14869.3 rupees per 100 kg. The contract made intraday low of Rs 15040 a kg and high of Rs 15240 a kg. Support for jeera is at 15051 below that could see a test of 14946. Resistance is now seen at 15251 above that could see a resistance of 15346.

Trading Ideas:

Jeera trading range is 14946-15346.

Jeera gained on expectations of demand rising at these lower levels

Jeera is having resistance at 15251 and support at 15051 level.

NCDEX accredited warehouses jeera stocks rose by 542 tonnes to 13578 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -30.7 rupees to end at 14869.3 rupees per 100 kg.