Jeera on NCDEX settled down -1.22% at 17010 on heavy arrivals from the producing belts. Though, some losses were capped on expectation of rising exports demand at the spot market. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said.

Turkey and Syria, India’s key competitors in the international market, are less likely to add supplies as the production in these countries is believed to hover at around 12,000 tonnes and 20,000 tonnes, respectively. This is seen as a major boost for Indian jeera exports, which are likely to hover around 1 lakh tonnes, up marginally from the previous year.

Trading Ideas:

*Jeera trading range for the day is 16695-17525.

*Jeera prices ended with losses on heavy arrivals from the producing belts.

*The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags.

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