Jeera yesterday settled up 1.43% at 13690 tracking firmness in spot demand amid fall in arrival though upside was limited as good monsoon rains weighed on sentiment. However, traders feel once the rains subside, export queries may rise again. 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. 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. Cumin exports increased by 76 per cent to 79,900 tonnes in 2012-13 from 45,500 tonnes previous year valued at Rs 1093.17 crore, up 70% from last year. The arrivals have been sliding in last few weeks as the peak supply season gets over. The commodity normally witnesses a flood of fresh supplies in March-May and the arrivals tend to slide thereafter. The trend is similar this year as well. In Unjha, a key spot market in Gujarat, jeera edged up by 16.65 rupees to end at 13656 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 6.23% to settled at 12831 while prices up 192.5 rupee, now Jeera is getting support at 13560 and below same could see a test of 13430 level, And resistance is now likely to be seen at 13768, a move above could see prices testing 13846.

Trading Ideas:

Jeera trading range for the day is 13430-13846.

Jeera gains tracking firmness in spot demand amid fall in arrival though upside was limited as good monsoon rains weighed on sentiment

Total Jeera production is seen around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year.

NCDEX accredited warehouses jeera stocks gained by 64 tonnes to 8527 tonnes.

In Unjha, a key spot market in Gujrat, jeera edged up by 16.65 rupees to end at 13655.55 rupee per 100 kg.