Jeera settled up 0.25% at 11857.5 due to cold weather in growing areas of Gujarat and some fresh export demand. The upside was seen limited weighed by large stocks and prospects of higher production due to a larger area planted with the crop. As per sources, good quality arrivals of new crop may keep the sentiments pressurize. Exporters are reportedly waiting for some more corrections in prices with the arrivals set to pick up further in coming weeks. In Unjha mandi ~9000 bags arrival was seen and demand remained at ~8500 bags. But if quality of arrivals remain good, when exports start picking up (as expected after mid-February), the commodity may fetch a premium. However, till that happens, some more corrections in rates are not ruled out. Traders anticipate exports are set to rise in coming months amidst lower production reports in Turkey and Syria. Latest reports from Spice Board of India pegs exports at 67,500 MT up by 93% both in amount and value wise during the period April-September 2013 vs same period the earlier year. Production and exports from Turkey and Syria are reportedly down this year due to political tensions in those countries. Export demand from the Gulf countries are likely to shift to India due to this factor — as per sources. In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 12355 rupee per 100 kg. Technically market is under short covering as market has witnessed drop in open interest by -2.34% to settled at 6504 while prices up 30 rupee, now Jeera is getting support at 11705 and below same could see a test of 11553 level, And resistance is now likely to be seen at 11980, a move above could see prices testing 12103.

Trading Ideas:

Jeera trading range for the day is 11544-12094.

Jeera prices gained due to cold weather in growing areas of Gujarat and some fresh export demand.

The upside was seen limited weighed by large stocks and prospects of higher production due to a larger area planted with the crop.

As per sources, good quality arrivals of new crop may keep the sentiments pressurize.

In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 12355 rupee per 100 kg.