Jeera on NCDEX settled down by -1.51% at 17630 on account of subdued demand from local parties at the spot market. Further, anticipations of pick up in supplies on new season crops from the producing belts too fuelled the downtrend. Jeera output in India may fall by 12 per cent to 387,000 tonnes during 2016-17 due to lower acreage and adverse weather conditions. The country had produced 438,000 tonne of the spice in 2015-16. Gujarat, the highest jeera-producing state in the country, has reported a fall in area under the crop by six per cent to 278,700 hectares in 2016-17, from 295,200 hectares in 2015-16, according to state agriculture department data. As per the second advance estimate of the Gujarat government, the state is estimating 212,000 tonnes of jeera production for the year 2016-17. Last year it was around 238,000 tonnes. This year, during the sowing and growing period, especially in December and January so far, the weather has not been favourable for jeera crop in Gujarat and Rajasthan, which are the top producing states. At New Delhi market, arrivals were reported at 3000 quintals, lower by 2000 quintals as against previous day. At Rajkot market in Rajkot (Guj.), estimated market supply was at 150 quintal, lower by 1 quintal as compared to previous day. At Unjha market in Mehsana, sources reported arrivals at 1300 quintals, lower by 700 quintals as compared to previous day. In Unjha, a key spot market in Gujarat, jeera edged down by -141.65 Rupees to end at 18525 Rupees per 100 kg.Technically now Jeera is getting support at 17510 and below same could see a test of 17385 level, And resistance is now likely to be seen at 17735, a move above could see prices testing 17835.

Trading Ideas:

Jeera trading range for the day is 17385-17835.

Jeera prices ended with losses on account of subdued demand from local parties at the spot market.

Jeera output in India may fall by 12 per cent to 387,000 tonnes during 2016-17 due to lower acreage and adverse weather conditions.

Gujarat has reported a fall in area under the crop by six per cent to 278,700 hectares in 2016-17, from 295,200 hectares in 2015-16.

In Unjha, a key spot market in Gujarat, jeera edged down by -141.65 Rupees to end at 18525 Rupees per 100 kg.