Jeera futures decline on increased arrivals
Jeera futures fell marginally in early trade today due to increased arrivals in Unjha, the main centre for jeera trading in the country.
By PTI |
NEW DELHI: Jeera futures fell marginally in early trade today due to increased arrivals in Unjha, the main centre for jeera trading in the country.
At 1100 hrs on NCDEX , the most-active July contract was down by 0.59 pc to Rs 12,035 per quintal.
Jeera for September delivery was trading on a negative zone at Rs 12,645 per quintal, down by 0.70 pc. While October contract stood at Rs 12,915 per quintal, down by 0.69 pc.
"Jeera prices may take correction as spot prices are steady at Unjha market in Gujarat," Karvy Comtrade Analyst Veeresh Hiremath told PTI.
Spot prices are steady quoting at Rs 11,720 per quintal with increased arrival of 13,000 bags from previous day of 9,000 bags at Unjha. One bag is equal to 100 kg, he said.
Last week, jeera prices gained almost Rs 500 per quintal on strong export demand and lower arrivals in the spot market. As a result, all contracts made new high on Saturday before closing marginally lower.
Hiremath said, " Prices may take some correction in first few days of this week before fresh buying emerges. Long term sentiments remain strong and prices may touch Rs 13,500 levels in next few weeks."
At 1100 hrs on NCDEX , the most-active July contract was down by 0.59 pc to Rs 12,035 per quintal.
Jeera for September delivery was trading on a negative zone at Rs 12,645 per quintal, down by 0.70 pc. While October contract stood at Rs 12,915 per quintal, down by 0.69 pc.
"Jeera prices may take correction as spot prices are steady at Unjha market in Gujarat," Karvy Comtrade Analyst Veeresh Hiremath told PTI.
Spot prices are steady quoting at Rs 11,720 per quintal with increased arrival of 13,000 bags from previous day of 9,000 bags at Unjha. One bag is equal to 100 kg, he said.
Last week, jeera prices gained almost Rs 500 per quintal on strong export demand and lower arrivals in the spot market. As a result, all contracts made new high on Saturday before closing marginally lower.
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Hiremath said, " Prices may take some correction in first few days of this week before fresh buying emerges. Long term sentiments remain strong and prices may touch Rs 13,500 levels in next few weeks."
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