Jeera May contract dropped Rs 84 and settled at Rs 14765 per quintal due to sluggish demand in the physical market. However, the projection of lower production of Jeera restricted the losses. As per the latest projection by trade sources the total production of jeera in the current season is likely to be around 21 lakh bags (1 bag = 60 kgs) which is three lakh bags less than the earlier projection. Production in last year was reported at 29 lakh bags. The total fresh arrivals of jeera were at around 20,000 bags (demand was reported around 17,000 bags) were reported against 18,000 bags. In Unjha, a key spot market in Gujarat, jeera gained 33.85 rupees to end at 15069.55 rupees per 100 kg. The contract made intraday low of Rs 14620 a kg and high of Rs 14925 a kg. Support for jeera is at 14615 below that could see a test of 14465. Resistance is now seen at 14920 above that could see a resistance of 15075.

Trading Ideas:

Jeera trading range is 14458-15068.

Jeera dropped due to sluggish demand in the physical market

Jeera is having resistance at 14920 and support at 14615 level.

NCDEX accredited warehouses jeera stocks rose by 204 tonnes to 12723 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 33.85 rupees to end at 15069.55 rupees per 100 kg.