Jeera ended weak weighed by peak arrival season, sufficient stocks and sluggish overseas demand. Arrivals at the Unjha market were around 24,000 bags.

Arrivals are expected to gain pace in the next few days and would peak in March-April, pressuring prices.

Spot rates in Unjha, a key spot market in Gujarat, price gained 22 rupees to end at 11,676 rupees per 100 kg. April contract dropped Rs 21 and settled at Rs 11539 a kg.

The contract made intraday low of Rs 11425 a kg and high of Rs 11600 a kg. Support for jeera is at 11443 below that could see a test of 11346.

Resistance is now seen at 11618 above that could see a resistance of 11696.

Trading Ideas:

Jeera trading range is 11346-11696.
Jeera ended weak weighed by peak arrival season and sluggish overseas demand
Jeera looks to take support at 11440 and resistance at 11620 level
Yesterday we have seen that open interest at 10308 and volume at 5559 lots.
SELL JEERA APR AT 11600-620 SL 11750 TGT 11548-11490-11425.NCDEX
Spot rates in Unjha prices gained 22 rupees to end at 11,676 rupees per 100 kg

Courtesy: Kedia Commodities

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