Jeera August contract gained Rs 420 and settled at Rs 14970 per quintal as reduced domestic supplies and some fresh export enquiries supported the prices. Demand in the spot market is very good from both local buyers and exporters. Short term trend depends on the export demand and traders expect that to rise in coming weeks. Supplies are shrinking day by day and prices are expected to remain firm. There are reports of lower output of jeera in Syria and Turkey in 2012. Fresh arrivals from Syria have commenced while harvesting of Jeera in Turkey will commence shortly. According to Spices Board of India, exports of Jeera during April 2011- March 2012 stood at 45,500 tonnes as compared to 32,500 tonnes in 2010-11, an increase of 40%.The total arrivals of jeera remained steady at 10,000 bags while demand improved to 20,000 bags against 13,000 bags on the previous day. Fresh arrivals from Syria have commenced while harvesting of Jeera in Turkey will commence shortly. Jeera prices in the international market of Indian origin are being offered at $2,600/tonne (c&f) while Syria is offering its produce at $3,100/tonne (fob). In Unjha mandi, during morning hours ~12000 bags arrival was seen and demand remained at ~15000 bags. In Unjha, a key spot market in Gujarat, jeera gained 18.1 rupees to end at 14377.5 rupees per 100 kg. The contract made intraday low of Rs 14490 a kg and high of Rs 15027.5 a kg. Support for jeera is at 14631 below that could see a test of 14292. Resistance is now seen at 15168 above that could see a resistance of 15367.

Trading Ideas:

Jeera trading range for the day is 14290-15364.

Jeera ended higher as reduced domestic supplies and some fresh export enquiries supported the prices.

Demand in the spot market is very good from both local buyers and exporters.

NCDEX accredited warehouses jeera stocks gained by 105 tonnes to 9249 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 18.1 rupees to end at 14377.5 rupees per 100 kg.