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Pratim Ranjan Bose

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Kolkata Feb. 21 Having gained close to Rs 1,500 in the last five days, jeera prices (as per the March contracts) have today shown the first signs of a quick correction. Market sources, however, believe that the correction will be shortlived and jeera may move up again in the near future.

Even as prices started moving up from the Rs 9,100 level on February 2, the March contract on jeera at NCDEX witnessed a steep upward movement from Rs 9,700 to Rs 11,200 between February 15 and February 20.

On Wednesday, jeera closed 0.61 per cent lower at Rs 11,019. The day was however, marked by high degree of volatility in the counter with prices hovering between Rs 10,900 and Rs 11,200.

"Technically, jeera may undergo a Rs 300-400 correction from this level in the next few days. However, the overall trend is positive," said an analyst with Kredent Commodities in Kolkata. Interestingly, traders in Rajasthan, which is expecting maximum crop shortfall, are expecting jeera to touch the historic high of Rs 15,000-16,000 level. Traders in Gujarat are, however, less optimistic and are looking forward to the Rs 12,500 level.

More Stories on : Spices & Condiments | Commodity Markets

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