Commodities

Sales in futures drag spot jeera

Our Correspondent Rajkot | Updated on April 07, 2011

BL08_COM2_JEERA_5

Spot jeera dipped even as selling by traders pulled down jeera futures.

In Rajkot, jeera was traded at Rs 2,200-3,300 for a maund of 20 kg, down by Rs 25-30. In Unjha, jeera was traded at Rs 1,750-3,350 for 20 kg. About 30,000 bags of 55 kg each arrived in Unjha against 22,000-25,000 bags a few days ago.

On the National Commodity and Derivatives Exchange, jeera for April delivery dropped by Rs 101 or 0.63 per cent to Rs 15,951 a quintal, with an open interest of 12,945 lots. Jeera May contract decreased Rs 125 to Rs 16,320, with an open interest of 17,046 lots.

Mr Ajay Kumar Kedia in a report said: “The speculators also trimmed their positions on the reports of higher acreage in Gujarat and Rajasthan due to good moisture content in the soil, which let them conclude a far better crop this year.”

A Rajkot-based trader said: “Increasing supplies pressed jeera prices, and poor quality kept buyers away from the market.”

Stocks in NCDEX-accredited warehouses fell by 2,229 tonnes to 10,634 tonnes.

According to Spice Board of India, jeera exports from India during April 2010-February 2011 stood at 27,500 tonnes as compared to 44,800 tonnes in 2009-10, a decline of 39 per cent.

Published on April 07, 2011

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