Jeera February contract dropped Rs 508 and settled at Rs 14792 a kg due to fresh arrivals of new crop in Jam Jodhpur area in Jamnagar district in Gujarat. However, prices may gain some ground in the near term due to the expected demand from US and European countries which is likely to shift more towards India in coming weeks due to low stocks in the International markets. Supplies have increased in the local market due to attractive prices. Daily arrivals jumped to 6,000-7,000 bags on Thursday against 2,000-2,500 bags last week. In Unjha, a key spot market in Gujarat, jeera dropped -87.95 rupees to end at 14741.65 rupees per 100 kg. The contract made intraday low of Rs 14700 a kg and high of Rs 15418 a kg. Support for jeera is at 14522 below that could see a test of 14252. Resistance is now seen at 15240 above that could see a resistance of 15688.

Trading Ideas:

Jeera trading range is 14248-15684.

Jeera dropped due to fresh arrivals of new crop in Gujarat

Jeera is having resistance at 15240 and support at 14522 level.

NCDEX accredited warehouses jeera stocks rose 155 tonnes to 5798 tonnes.

SELL JEERA FEB @ 14850-900 SL 15060 TGT 14680-14560-14450.NCDEX

In Unjha, a key spot market in Gujarat, jeera dropped -87.95 rupees to end at 14741.65 rupees per 100 kg.