Comments
After witnessing short covering in morning session, jeera futures prices continued to decline due to lower demand from exporters, while it remained unchanged in spot on Thursday.
At Unjha mandi of Gujarat, jeera was quoted at Rs 2,360-2,460/20 kg, NCDEX quality raw quoted at Rs 2,675-2,825. Arrival stood at 3,500-4,000 bags.In Rajkot APMC, jeera prices stood at Rs 2,450-2,670/20 kg. About 250-300 bags arrived in Rajkot.
According to sources, persistent selling by hedgers in the futures market against their physical stocks might incite strong selling in jeera futures in the near term.
Moreover, poor export demand of domestic jeera in the near term due to fresh supplies from Syria and Turkey lead to some selling in both spot and futures market.
On the National Commodity and Derivatives Exchange (NCDEX), jeera October contract declined by Rs 72.50 to Rs 14,255/quintal with an open interest of 26,466 lots. November contract moved down by Rs 82.50 to Rs 14,625 with an open interest of 5,673 lots.
According to trade, rain in the top producing state of Gujarat, raising the prospects of better sowing, was also a reason for the down trend.
PTI reports from New Delhi: Jeera common and jeera best quality increased by Rs 100 each to Rs 15,100-15,200 and Rs 18,300-18,800, respectively.
Traders said that buying support from stockists on hopes that export demand may pick up against restricted arrivals from producing regions, mainly pushed up turmeric and jeera prices in the wholesale market here.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.