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Jeera futures dropped despite increased demand being witnessed at major mandis of Gujarat. But spot prices gained slightly.
On the National Commodity and Derivatives Exchange, jeera's July contract declined by Rs 10 to Rs 13,830 per quintal with an open interest of 16,803 lots. The NCDEX jeera for August dropped by Rs 2 to Rs 14,211 with an open interest of 17,325 lots.
At the Rajkot APMC, jeera traded at Rs 2,150-Rs 2,560 per 20 kg, after gaining by Rs 15-Rs 20. About 500 bags arrived in Rajkot. Similarly at the Unjha APMC, jeera price increased by Rs 22-25 to Rs 1,700-3,012 per 20 kg. Around 8,000 bags arrived in Unjha against 5,000 bags the previous day.
“Market may witness short-term gains in the coming days as some domestic as well as export demand is expected”, said Mr Ajay Kedia of Kedia Commodity from Mumbai.
Jeera stocks at the NCDEX accredited warehouses fell by 57 tonnes to 12,641 tonnes.
The total production of jeera in the current season is likely to be around 21 lakh bags (1 bag = 60 kg) against 28 lakh bags reported last year. This was mainly due to sharp decline in sowing acreage of jeera in Gujarat.
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