Jeera settled up 0.67% at 12860 due to fresh export enquirers and rising domestic demand in spot market amid lower arrivals from producing regions. However, no sharp gains are expected as the ongoing sowing operations may keep prices under pressure. With sowing reportedly proper in the growing states of Gujarat and Rajasthan and cool weather being good for the crop growth, the uptrend may be limited. In Unjha mandi ~10000 bags arrival was seen and demand remained at ~8000 bags. As per the market sources, the total sowing acreage of jeera in Gujarat is likely to witness some decline in the current year due to crop diversification by jeera cultivators. Most of the jeer cultivators in Saurashtra are likely to move towards mustard seed and groundnut crop in the current year for better price realization. Therefore, weak sowing acreage in Gujarat will reduce the total jeera supplies in the coming season. Traders said that hopes of a higher production of the rabi crop in view of increase in its acreage could drag its demand. Favourable weather conditions, too, are aiding higher planting of jeera this year. However, market sources say that the area under jeera could drop this year as some farmers are expected to diversify to other crops such as pulses. In Unjha, a key spot market in Gujarat, jeera edged down by -25 rupees to end at 12839.7 rupee per 100 kg. Technically market is under fresh buying as market has witnessed gain in open interest by 5.32% to settled at 3741 while prices up 85 rupee, now Jeera is getting support at 12742 and below same could see a test of 12623 level, And resistance is now likely to be seen at 12962, a move above could see prices testing 13063.

Trading Ideas:

Jeera trading range for the day is 12624-13064.

Jeera ended with gains due to fresh export enquirers and rising domestic demand in spot market amid lower arrivals from producing regions.

However, no sharp gains are expected as the ongoing sowing operations may keep prices under pressure.

NCDEX accredited warehouses jeera stocks dropped by 39 tonnes to 588 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -25 rupees to end at 12839.7 rupee per 100 kg.