Jeera September contract dropped Rs 280 and settled at Rs 15890 per quintal as traders cash in gains after a rise of more than 7 percent since Aug 9 though hopes of a recovery in export demand due to supply disruption from other producing countries restricted the losses. As per market sources, strapping stockiest demand has been reported in domestic market ahead of festival season. Moreover, fragile supply situation in international market might also incite the stockiest demand with the anticipation of strong export demand. Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes. Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks. In Unjha, a key spot market in Gujarat, jeera gained 50.5 rupees to end at 15636.45 rupees per 100 kg. The contract made intraday low of Rs 15847 a kg and high of Rs 16245 a kg. Support for jeera is at 15743 below that could see a test of 15596. Resistance is now seen at 16141 above that could see a resistance of 16392.

Trading Ideas:

Jeera trading range is 15596-16392.

Jeera dropped as traders cash in gains after a rise of more than 7 percent since Aug 9

Strapping stockiest demand has been reported in domestic market ahead of festival season

NCDEX accredited warehouses jeera stocks gained by 82 tonnes to 11463 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 50.5 rupees to end at 15636.45 rupees per 100 kg.