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Spot jeera prices dropped on lower demand in the domestic market on Thursday. Prices slipped in the futures market too. But lower arrivals kept the fall on leash.
According to an analyst, the downtrend in jeera price will not prolong as export demand demand was expected to pick up. Moreover supply is also declining and it limited the fall in price. In coming days jeera price may move up.
On the National Commodity and Derivatives Exchange, jeera June contract declined by Rs 60 to Rs 13,835 a quintal with an open interest of 18,840 lots. The NCDEX July contracts dropped by Rs 65 to Rs 14,190 with an open interest of 10329 lots. Stocks in the NCDEX accredited warehouses increased by 47 tonnes to 11,096 tonnes.
In the spot market at Unjha, jeera dropped marginally by Rs 10-15 for a maund of 20 kg. New jeera medium quoted at Rs 2,075-2,175 for a maund , the NCDEX quality raw quoted at Rs 2,425-2,525 at Unjha. Arrival stood at 21,000-22,000 bags and traded around 20,000-21,000 bags. Raw jeera at Jodhpur in Rajasthan quoted at Rs 12,200-13,000 a quintal. Arrivals reported were around 700-800 bags.
At Rajkot jeera was traded lower by Rs 15-20 to Rs 2,180-2,645 and arrivals were 2,800-2,850 bags.
According to Kedia Commodity, support for jeera is at Rs 13,740 a quintal. A drop could support at Rs 13,585. Resistance is now seen at Rs 14,060 and above it at Rs 14,225.
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