Jeera yesterday settled down -0.64% at 13515 due to lack of local demand amid higher spot supplies, while good monsoon rains also weighed on sentiment. Jeera is a winter crop sown from October and farmers depend on rains to moisten the land for sowing. Rains are good everywhere this season and they would also help rabi sowing by providing sufficient soil moisture. If the weather remains favourable, jeera sowing would be good. Daily spot supplies are at 8,000-10,000 bags of 60 kg each in the Unjha market, still higher than expected. Increased arrival pressure kept the trend weak for jeera even though demand was moderate in spot mandist. Depreciation of India Rupee has boosted the jeera exports to certain extent. Rupee has depreciated almost 12% in 3 months against US Dollar. With the depreciation of Indian Rupee jeera prices have witnessed a sharp rise in prices. This year, jeera production in the country is seen around 34-35 lakh bags, up around 1-2 lakh bags when compared to the last year's production. India may become a leading jeera exporter due to persisting political tensions in Syria and Turkey. Supply concerns from these two major exporting countries are still exist. Also, the cumin crop failure in Iran as a result of bad weather is expected to support Indian cumin seed market in the long term. In Unjha, a key spot market in Gujarat, jeera edged down by -21.65 rupees to end at 13638.9 rupee per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by % to settled at while prices down -87.5 rupee, now Jeera is getting support at 13429 and below same could see a test of 13341 level, And resistance is now likely to be seen at 13626, a move above could see prices testing 13735.

Trading Ideas:

Jeera trading range for the day is 13335-13729.

Jeera dropped due to lack of local demand amid higher spot supplies, while good monsoon rains also weighed on sentiment

Increased arrival pressure kept the trend weak for jeera even though demand was moderate in spot mandist.

NCDEX accredited warehouses jeera stocks gained by 36 tonnes to 8463 tonnes.

In Unjha, a key spot market in Gujrat, jeera edged down by -21.65 rupees to end at 13638.9 rupee per 100 kg.