Jeera on NCDEX settled down by -1.04% at 17170 on weak demand from traders and stockists at the spot market. Though, some losses were capped due to reduced stock for domestic consumption coupled with strong export outlook for 2016-17. At Rajkot market in Rajkot(Guj.), sources reported arrivals at 225 quintal, down by 15 quintal as against previous day. 

Total exports will cross 100,000 tonnes this year with China being a major buyer at around 35,000 tonnes. Last year, India exported 1,55,000 tonnes. 

The country’s jeera exports have been on a decline since 2013-14 from 1,60,000 tonnes reported that year. Turkey and Syrian supplies will not have any major role in the price as their contribution will not be significant. Most farmers have offloaded their crop. Of the total estimated crop of around 2,50,000 tonnes for Gujarat and Rajasthan, close to 70 % has already been sold in the market.

In Unjha, a key spot market in Gujarat, jeera edged up by 28.55 rupees to end at 17178.55 rupee per 100 kg.Technically market is under long liquidation as market has witnessed drop in open interest by -2.22% to settled at 17271, now Jeera is getting support at 17020 and below same could see a test of 16865 level, And resistance is now likely to be seen at 17340, a move above could see prices testing 17505. 

                              Trading Ideas

• Jeera trading range for the day is 16865-17505.  

• At Rajkot market, sources reported arrivals at 225 quintal, down by 15 quintal as against previous day. 

• In Unjha, a key spot market in Gujarat, jeera edged up by 28.55 rupees to end at 17178.55 rupee per 100 kg