Profit-booking drags jeera futures

| | Updated on: Apr 28, 2011
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Spot prices for jeera increased on Thursday on lower arrival and stockists demand. But prices on the futures market dropped as market participants resorted to profit-booking.

Arrivals of jeera were around 16,000 bags against 20,000 bags on Wednsday at the Unjha mandi . Superior quality jeera was quoted at Rs 3,390 for a maund of 20 kg, a rise of by Rs 20-30. Similarly at Rajkot, about 800 bags of jeera arrived. Quality jeera fetched Rs 2,800-3,000, while medium quality jeera traded at Rs 2,600-2,700. Low quality ones were quoted at Rs 2,400-2,500, up of Rs 40-50 a maund.

Spot market traders said that domestic demand has increased and supply is dropping. Therefore, the commodity will gain in the coming days.

Market analysts said pick-up in demand on the spot markets mainly pushed up jeera futures but towards the close of trading profit booking led to marginal fall.

On the National Commodity and Derivatives Exchanges, jeera for May delivery declined by Rs 47 to Rs 14,951 a quintal with an open interest of 18,483 lots. NCDEX June contract decreased Rs 32 to Rs 15,471 with an open interest of 17,373 lots.

Mr Ajay Kedia of Kedia Commodity from Mumbai said: “During the day jeera futures traded higher but at the end of the session some profit booking was seen. The overall sentiment for jeera is positive as demand is increasing in the spot market and arrival has declined.”

Published on April 28, 2011

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