Jeera May contract gained Rs 184 and settled at Rs 14527 per quintal on short covering but arrivals from the new season crop weighed on sentiment. Demand is very poor and is expected to continue to be weak. Daily supplies in the market are likely to remain in the range of 10,000-12,000 bags till the month end. At Unjha, the daily average arrivals are in the range of 10,000-15,000 bags. However, on Friday, the supply reduced to 7,000 bags because of Akshaya Tritiya, a gold buying festival and a auspicious marriage day in India. In Unjha, a key spot market in Gujarat, jeera dropped -20 rupees to end at 14850 rupees per 100 kg. The contract made intraday low of Rs 14261 a kg and high of Rs 14574 a kg. Support for jeera is at 14334 below that could see a test of 14141. Resistance is now seen at 14647 above that could see a resistance of 14767.

Trading Ideas:

Jeera trading range is 14141-14767.

Jeera gained on short covering but arrivals from the new season crop weighed on sentiment

Jeera is having resistance at 14647 and support at 14334 level.

NCDEX accredited warehouses jeera stocks dropped by 48 tonnes to 12645 tonnes.

In Unjha, a key spot market in Gujarat, jeera dropped -20 rupees to end at 14850 rupees per 100 kg.