Jeera June contract gained Rs 165 and settled at Rs 13725 per quintal as traders created fresh positions on the back of rising demand from the domestic as well as overseas buyers. Reports of declined production estimates for Syria and Turkey due to poor sowing progress might also support Indian Jeera prices to move up in near term. Turkey and Syria, cumin new crop arrivals will start in the month of June and July. Around 40 – 50% production may decline during the current season. Rising export demand from Bangladesh and other neighbouring countries is likely to support prices in near term. Latest sowing data from Gujarat indicates as on 27th Dec, sowing completed in ~2.82 lakh ha vs 2.38 lakh ha last year. As per Rajasthan Agricultural Ministry, the sowing area till 20th Dec had been reported at 3.03 lakh ha vs 3.30 lakh ha same period last year. Productivity of crops in both states however expected to fall due to adverse weather conditions as per reports. The better crop expectations from Gujarat and Rajasthan could be hampered by reports of adverse weather conditions in growing areas that could affect the productivity to some extent as per traders. Lower production in Turkey and Syria could support Indian rates. In Unjha, a key spot market in Gujarat, jeera gained 195.3 rupees to end at 13647.5 rupees per 100 kg. The contract made intraday low of Rs 13595 a kg and high of Rs 13950 a kg. Support for jeera is at 13563 below that could see a test of 13402. Resistance is now seen at 13918 above that could see a resistance of 14112.

Trading Ideas:

Jeera trading range for the day is 13402-14112.

Jeera gained on the back of rising demand from the domestic as well as overseas buyers.

Reports of declined production estimates for Syria and Turkey due to poor sowing progress might also support prices

NCDEX accredited warehouses jeera stocks gained by 36 tonnes to 10980 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 195.3 rupees to end at 13647.5 rupees per 100 kg.