Jeera trading range for the day is 16000-17650 . Jeera settled down by -0.68% at 16720 due to drop in domestic demand, though lower sowing area is expected to support prices. Cloudy weather and expectation of rains in producing areas of Gujarat and Rajasthan kept the sentiments down as the rains at current stage would be prove beneficial for the standing crop. On the other hand, export demand started rising in mandis amidst reports of a fall in sowing area and production.
In Unjha, a key spot market in Gujarat, jeera edged up by 17.55 rupees to end at 16389 rupee per 100 kg.
Technically market is under long liquidation as market has witnessed drop in open interest by -2.28% to settled at 15408, now Jeera is getting support at 16360 and below same could see a test of 16000 level, and resistance is now likely to be seen at 17185, a move above could see prices testing 17650.
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