Jeera on NCDEX settled up by 1.53% at 17900 on account of forecast of fall in jeera production due to lower acreage. Further, anticipation of good export demand at the spot market too fuelled the uptrend. Jeera (Cumin) 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. Current year new Jeera crop enter to the market in Porbandar and Junagarh regions, 2016-17 Jeera area reported in Porbandar around 12100 hectares and in Junagarh 5300 hectares. Sources revealed that, around 250 - 300 bags coming daily basis from last one week. Due to higher moisture content buyers were quoted lower prices. Jeera standing crop reported well in Gujarat state current year. At Unjha market in Mehsana estimated market supply was at 1350 quintals, up by 50 quintals as compared to previous day. At Rajkot market in Rajkot(Guj.), estimated market supply was at 185 quintal, higher by 35 quintal as compared to previous day. In Unjha, a key spot market in Gujarat, jeera edged down by -78.85 Rupees to end at 18446.15 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 5.26% to settled at 5283 while prices up 270 rupees, now Jeera is getting support at 17670 and below same could see a test of 17435 level, And resistance is now likely to be seen at 18040, a move above could see prices testing 18175.

Trading Ideas:

Jeera trading range for the day is 17435-18175.

Jeera prices ended with gains on account of forecast of fall in jeera production due to lower acreage.

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

At Unjha market in Mehsana estimated market supply was at 1350 quintals, up by 50 quintals as compared to previous day.

In Unjha, a key spot market in Gujarat, jeera edged down by -78.85 Rupees to end at 18446.15 Rupees per 100 kg.