Jeera March contract dropped Rs 97.5 and settled at Rs 13647.5 per quintal due to higher area under cultivation and subdued demand from local buyers. Good weather condition reported in Gujarat for progressing Jeera crop and expecting better crop, if it will continue another 15 days ahead. Due to this reason prices were down in the market. In Gujarat, Jeera sowing is at last phase now. Reports of conducive weather in the growing states are however still keeping pressure on the market sentiments as traders wait for new crop arrivals for fresh demand in the mandis. Arrivals from the last year carry over stoks are weak in local mandis and export demand may be good in coming days as Syria and Turkey supply constraints exits. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Expectations are that export orders may still be diverted to India from the international markets due to lack of supplies from Syria on back of the ongoing civil war. Production in Syria and Turkey is being reported around 17,000 tons which is around 4,000-5,000 tons lesser than estimates. In the international markets, jeera prices of Indian origin are being offered at $2,850-2,875 tons (c&f) even as Syria and Turkey are not offering the commodity. In Unjha, a key spot market in Gujarat, jeera dropped -92 rupees to end at 14340.5 rupees per 100 kg. The contract made intraday low of Rs 13545 a kg and high of Rs 13910 a kg. Support for jeera is at 13492 below that could see a test of 13336. Resistance is now seen at 13857 above that could see a resistance of 14066.

Trading Ideas:

Jeera trading range for the day is 13336-14066.

Jeera ended lower due to higher area under cultivation and subdued demand from local buyers.

Good weather condition reported in Gujarat for progressing Jeera crop and expecting better crop

Reports of conducive weather in the growing states are however still keeping pressure on the market sentiments

In Unjha, a key spot market in Gujarat, jeera dropped -92 rupees to end at 14340.5 rupees per 100 kg.