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Monday, March 24, 2014

Jeera To Trade Lower On Weak Fundamentals

Jeera futures ended the day lower on short selling amid higher arrivals. The NCDEX Jeera April delivery ended the day at Rs9965, down Rs 125 or 1.24% over last close. Cumin seed is likely to drop further on bounty crop amid weak export demand at present.

The market sources suggested that the total domestic Jeera production is estimated at 55-60 lakh bags in the current year against the previous estimates of 45-48 lakh bags. This is mainly due to strong production estimates in Gujarat. The prices will also be pressurized by fresh supplies in local mandies. Traders are expecting that arrivals are likely to gain momentum in the coming days on the account of rising new supplies from Rajasthan.


Jeera failed to recover further as short selling emerged triggered by higher arrivals. The counter touched almost six year low with prices hitting low of Rs 9870 level. The counter ended the day at Rs9965, down Rs 125 or 1.24% over last close and the open interest added 147 tonnes to 9,699 tonnes, indicating short selling. Technically, the counter is likely to find support at Rs 9870, Rs 9800 and resistance is at Rs 10,000, Rs 10,100 per quintal.