Jeera prices experienced a notable decline of 3.05%, concluding at Rs 22,255, as new crop arrivals commenced in major mandis, with supply anticipated to accelerate from March. Established equities and a lack of robust export demand contributed to the prevailing pressure. Market participants observed that the conclusion of the retail season, coupled with subdued purchasing from international markets, has negatively impacted sentiment.

Present export demand is primarily being satisfied through existing inventories. Nonetheless, the potential drawbacks seem constrained. Sowing activity in Gujarat has exhibited a sluggish pace, declining by 14.34% year-on-year to 4.08 lakh hectares, which has sparked apprehensions regarding the eventual output. In Unjha, the influx of arrivals remains limited, and premium-quality cumin continues to command higher prices, despite a slight decline in the spot market of 0.43% to Rs 22,540.70.

Farmers continue to retain approximately 20 lakh bags, with a considerable share expected to be carried over into future periods. National production is projected to be between 90 and 92 lakh bags this season, a decline from the previous year’s total of 1.10 crore bags. On a global scale, diminished production in Syria, Turkey, and Afghanistan, coupled with lowered projections in China, provides a degree of support; however, subdued overall export demand restrains any significant advancements.

From a technical perspective, the market is experiencing long liquidation, evidenced by a 10.14% decline in open interest alongside a price decrease of Rs 700. Support is identified at Rs 22,000, with additional decline anticipated toward Rs 21,740. Resistance is positioned at Rs 22,650, with a potential rebound likely to challenge Rs 23,040.