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Jeera futures continued to fall as investors booked profits and arrivals rose. The spot market remained closed because of financial year-ending.
On the National Commodity and Derivatives Exchange (NCDEX), jeera for April delivery dropped Rs 62, or 0.39 per cent, to Rs 15,700 a quintal, with an open interest of 14,505 lots. Jeera May contract declined Rs 79 to Rs 16,065, with an open interest of 14,145 lots.
Arrivals stood at 25,000 bags (55 kg each), same as that of Friday. Offtake dropped to 20,000 bags compared with 25,000 bags on Wednesday. According to trade sources, arrivals of quality jeera are negligible on the spot market, which is supporting prices at lower levels.
The acreage under jeera in Gujarat stood at 2,44,600 hectares, marginally higher than 2,42,700 hectares sown a year ago.
Production of jeera in Gujarat and Rajasthan in 2011 is expected to be around 21 lakh bags and three-four lakh bags compared with 25 lakh bags and 7-8 lakh bags in 2010, respectively. However, production is likely to be revised on account of bad weather in Rajasthan and Gujarat in January and February. Stocks in NCDEX-accredited warehouses rose by 188 tonnes to 12,567 tonnes.
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