Jeera fell depressed by higher output view, rising arrivals in the physical market, sufficient stocks and weak overseas demand. Sufficient stock of old crop is available with NCDEX which is weighing on prices. At Unjha, around 28,000-30,000 bags (55 kgs) of new crop are arriving per day. Spot rates in Unjha, a key spot market in Gujarat, prices ended at 11,635.55 rupees per 100 kg.

April contract dropped Rs 44 and settled at Rs 11560 a kg. The contract made intraday low of Rs 11500 a kg and high of Rs 11740 a kg. Support for jeera is at 11460 below that could see a test of 11360. Resistance is now seen at 11700 above that could see a resistance of 11840.

Trading Ideas:

Jeera trading range is 10810-11474.
Jeera fell depressed by higher output view and rising arrivals in the physical market
Jeera looks to take support at 11460 and resistance at 11700 level
NCDEX accredited warehouses jeera stocks rose by 252 tonnes to 5225 tonnes.
Spot rates in Unjha prices ended at 11,635.55 rupees per 100 kg.

SELL JEERA APR @ 11600-620 SL 11750 TGT 11548-11490-11425.NCDEX

Courtesy: Kedia Commodities

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