Jeera yesterday settled up 0.06% at 13410 supported by comfortable weather conditions in Gujarat and accumulation of fresh crop due to expectations of rising export demand. Expectation of arrivals of good quantities of fresh crop Unjha spot market capped the upside in the prices. Higher arrival pressure kept trend range bound for Jeera in the mandis even as cloudy weather and rains in some areas in Gujarat and Rajasthan affected the demand. Jeera is a winter crop sown from October and farmers depend on rains to moisten the land for sowing. Daily spot supplies are at 8,000-10,000 bags of 60 kg each in the Unjha market, still higher than expected. The total Jeera production is seen around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of Jeera from Gujarat. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. The Cumin crop in Iran is failure due to bad weather and thus would support the Indian cumin seed market in long term. The total Jeera production in the country is estimated around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of Jeera from Gujarat. The arrivals have been sliding in last few weeks as the peak supply season gets over. Now Jeera is getting support at 13348 and below same could see a test of 13286 level, And resistance is now likely to be seen at 13496, a move above could see prices testing 13582.

Trading Ideas:

Jeera trading range for the day is 13290-13586.

Jeera ended with small gains supported by comfortable weather conditions and accumulation of fresh crop due to expectations of rising export demand.

Expectation of arrivals of good quantities of fresh crop Unjha spot market capped the upside in the prices.

NCDEX accredited warehouses jeera stocks dropped by 15 tonnes to 8427 tonnes.

In Unjha, a key spot market in Gujrat, jeera edged down by -76.5 rupees to end at 13708.8 rupee per 100 kg.