Jeera Ends A Tad Lower As Selling Emerge At Higher Side Jeera ended with marginal losses as the counter faced resistance at higher levels on some short selling activities. The NCDEX Jeera for the September delivery ended the day at Rs 13,390, down Rs 27.50 or 0.20% from last close. Jeera arrivals in the Unjha mandi were reported at 5000 bags against 7000 bags last day. Meanwhile, the demand steady at 10,000 bags. The spot prices quoted steady at Rs 11,500-12,500 per quintal. Good demand was being witnessed in Jeera offtakes from global markets edges up after Ramadan. Prices are expected to hold on amid good overseas demand and falling arrivals. Demand was moderating in local markets now but prices continue to linger just under their four-month highs as the sentiments still remain positive amid favorable global offtake. Spot Jeera markets are still witnessing a good activity amid renewed buying interest. The futures have also witnessed good upside in last few days and further rise is possible given the persistent worries over supplies from Syria in world markets. Heavy rainfall has been witnessed in few regions Gujarat though no major impact of the same has been seen so far. The total Jeera production is seen around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of Jeera from Gujarat. Due to the ongoing geo-political tensions in Syria and Turkey, supply concerns from these two major exporting countries still exist. The Cumin crop in Iran is failure due to bad weather and thus would support the Indian cumin seed market in long term. Cumin exports increased by 76 per cent to 79,900 tonnes in 2012-13 from 45,500 tonnes previous year valued at Rs 1093.17 crore, up 70% from last year. Jeera gained nearly Rs 502.50 per quintal during the last nine trading sessions on strong buying support. The counter faced resistance at Rs 13,472.50 and ended the day with marginal gains at Rs 13,390, down Rs 27.50 or 0.20% from last close. The open interest added 270 tonnes to 10,356 tonnes, indicating short selling.
Posted on: Thu, 08 Aug 2013 16:07:39 +0000
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