Jeera yesterday settled down by -0.99% at 13052 on low domestic and overseas demand and higher production weighed on sentiment. Moderate arrivals kept pressure on the Spot rates while traders anticipate demand to pick up at these lower levels. A firm Dollar can aid the export demand in coming weeks. Overall trend looks highly volatile in short term. The total arrivals increased to 15,000 bags from 14,000 bags, while demand was seen around 13,000 bags. Traders are expecting that the total production of Jeera in the current year is expected to be around 34 -35 lakh bags, up 1 lakh bags from the last year. This is mainly due to better crop productivity in some areas of Gujarat and quality is poor in Rajasthan. The counter may witness some bargain buying on some export orders in long term as supply constraints exits in Syria, Turkey as India is the largest jeera producer in the world, followed by Syria and Turkey. As per market sources, the spot mandies of jeera have reported the record arrivals of around 2.50 lakh bags in the last week. This was mainly due to ample carryover stocks of around 8-10 lakh bags of old jeera in local mandies along with anticipation of strong jeera production in the current year. Traders have also witnessed sluggish offtakes in local mandies as total supplies of jeera are expected to be higher from the last year due to better yield situation in Rajasthan. The overall yield is expected to increase by almost 20-25% from the last year. Now Jeera is getting support at 12923 and below same could see a test of 12794 levels, and resistance is now likely to be seen at 13178, a move above could see prices testing 13304.

JEERA

Jeera trading range for the day is 12865-13385.

Jeera dropped on low domestic and overseas demand and higher production weighed on sentiment.

Prices look firm in coming days as lack of supplies from other producing countries is seen boosting exports from India.

As per market sources, the spot mandies of jeera have reported the record arrivals of around 2.50 lakh bags in the last week.

In Unjha, a key spot market in Gujarat, jeera gained 18.7 rupees to end at 13470 rupees per 100 kg.

SELL JEERA JULY @ 13250 SL 13380 TGT 13120-13000.NCDEX