Jeera on NCDEX settled down by -1.96% at 18715 on account of ample stocks position following higher supply from the producing belts. Though, some losses were capped on expectation of higher exports demand in coming weeks. The arrivals may slow down as monsoon hit most parts of Gujarat.  

According to Dept of Commerce data, the exports of Jeera in the first month of 2016-17 increased by more than 50.7% at 13, 525 tonnes compared to last year same month. Moreover, export of jeera during 2015-16 is 93,078 tonnes compared to 1.56 lt exported last year same period.

As per third advance estimate of Gujarat State for 2015-16, production is pegged at 2.13 lt higher by about 7% forecasted in revised fourth advance estimate of 1.97 lt. In 2013-14, production was 3.46 lt. 

Exporters reported active in the domestic market. Export demand reported as compared to last year in the spot market due to good quality supply. During the week period Jeera export reports 2348 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by -92.85 rupees to end at 18632.15 rupee per 100 kg.

Technically market is under long liquidation as market has witnessed drop in open interest by -5.39% to settled at 20895, now Jeera is getting support at 18500 and below same could see a test of 18290 level, And resistance is now likely to be seen at 19040, a move above could see prices testing 19370.    

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