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Higher arrivals brought down jeera prices in the spot and futures market. Weak export demand also weakened jeera.
At the National Commodity and Derivatives Exchange (NCDEX), June contract declined by Rs 43 or 0.31 per cent to Rs 14,051 a quintal, with an open interest of 12,739 lots. NCDEX July contract fell down by Rs 24 to Rs 14,520, with an open interest of 19,746 lots. In Unjha, 8,000 bags arrived and jeera was traded at Rs 1,780-3,080 for 20 kg. In Rajkot, 700-800 bags arrived and jeera fetched Rs 2,000-2,550 for 20 kg.
Traders expected better demand at these lower levels but lack of exports checked an uptrend.
Commodity analysts said off-loading of positions by speculators on the back of weak export demand led to the decline in jeera futures.
Latest reports from Spice Board of India indicate estimated exports of spices for April-March 2010-11 have risen by 5 per cent to 5,25,750 million tonnes in 2010-11 from 5,02,750 million tonnes in 2009-10. Jeera exports fell by 35 per cent to 32,500 million tonnes from 49,750 million tonnes during the period.
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