Jeera on NCDEX settled up by 1.57% at 16510 on expectation of rising domestic and export demand at the spot market. Though, some gains were capped as the cumin seed sowing will soon start in Gujarat and Rajasthan and on hopes of increasing acreage this season due to better realizations. The export demand going through a sluggish phase following reduced buying by China and Hanjin shipping company fiasco is expected to pick up in the coming months. Indian cumin is priced $200 lower than the stock in Syria and Turkey at $2500 per tonne but there are no takers with China going slow on purchase. The bankruptcy of Hanjin shipping company also led to delay in shipments affecting exports. The political turmoil in Syria and the depletion of stocks in that country and Turkey, which are the two major producers of cumin after India, could lead to a shift in demand to India in the coming months. At Unjha market in Mehsana total arrivals are at 2000 quintals, higher by 1500 quintals as against previous day. At Rajkot market in Rajkot(Guj.), estimated market supply was at 65 quintal, lower by 13 quintal from previous trading day. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. However, it is much lower than 2013-14 output when the state produced 346,000 ton jeera. In Unjha, a key spot market in Gujarat, jeera edged down by -9.7 rupees to end at 17162.5 rupee per 100 kg. Technically now Jeera is getting support at 16320 and below same could see a test of 16135 level, And resistance is now likely to be seen at 16630, a move above could see prices testing 16755.

Trading Ideas:

Jeera trading range for the day is 16135-16755.

Jeer prices gained on expectation of rising domestic and export demand at the spot market.

Though, some gains were capped as the sowing will soon start in Gujarat and Rajasthan and on hopes of increasing acreage this season.

NCDEX accredited warehouses jeera stocks dropped by 63 tonnes to 2836 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -9.7 rupees to end at 17162.5 rupee per 100 kg.