The Hindu Business Line : Jeera futures gain amidst buying interest

Our Bureau Mumbai, Sept. 25 Jeera futures on NCDEX gained amidst improved buying interest at lower levels. Traders found opportunity to buy jeera contracts from recent fall that kept prices higher side, said an analyst from India Infoline.

Short covering and improved demand at lower levels have supported jeera prices in the futures markets, he added. However, selling pressure and arrivals from Syria and Turkey are weighing on the spot prices.

There is demand in the domestic market from local buyers and exporters.

Low output concern will boost demand and low stock position at the consumption centres are the main factors providing impetus to jeera prices, he added. We expect jeera spot and future prices to trade higher on strong fundamentals, he said. Jeera was traded at Rs 10,172 per quintal on NCDEX.

Chana

Good output on account of healthy weather in chana producing regions of Madhya Pradesh and Rajasthan has pressurised the chana prices.

High arrivals, surging import of pulses through PSUs and lack of demand for pulses had a bearish tone over the market, said a trader. Traders are offloading their produce before khariff pulses arrives into the market.

The market expects that positive outlook on chana will remain. The peak demand season for chana begins from the end of August and continues into September and October. Chana was traded at Rs 2,288 per quintal on NCDEX.

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