Jeera futures pare gains on higher arrivals
Jeera futures, which were up more than 1 percent in early trade on Thursday on bad weather conditions, pared most of their gains on higher arrivals to end lower, analysts said.
By PTI |
MUMBAI: Jeera futures, which were up more than 1 percent in early trade on Thursday on bad weather conditions, pared most of their gains on higher arrivals to end lower, analysts said.
"Some initial weakness was there for cloudy weather conditions in major jeera producing regions," said Shardul Sharma, an analyst with Sharekhan Commodities Pvt Ltd. Cloudy weather increases the moisture content in the jeera crop, which affects quality.
However, arrivals in the peak harvesting season pulled down the market, said Alimuhammed Lakdawala, an analyst with Anand Rathi Commodities. Arrivals have increased to about 20,000 bags of 70 kg each from 12,000 bags a week ago, said Kantibhai Shah, a trader from Unjha, the major jeera hub in Gujarat.
Open interest for April contract fell to 6,672 tonnes from 6,918 tonnes the previous session. Spot jeera fell 0.3 percent to 9,581 rupees per 100 kg in Unjha, a major trading hub in Gujarat.
"Some initial weakness was there for cloudy weather conditions in major jeera producing regions," said Shardul Sharma, an analyst with Sharekhan Commodities Pvt Ltd. Cloudy weather increases the moisture content in the jeera crop, which affects quality.
However, arrivals in the peak harvesting season pulled down the market, said Alimuhammed Lakdawala, an analyst with Anand Rathi Commodities. Arrivals have increased to about 20,000 bags of 70 kg each from 12,000 bags a week ago, said Kantibhai Shah, a trader from Unjha, the major jeera hub in Gujarat.
Open interest for April contract fell to 6,672 tonnes from 6,918 tonnes the previous session. Spot jeera fell 0.3 percent to 9,581 rupees per 100 kg in Unjha, a major trading hub in Gujarat.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
