Commodities

Weak export demand drags jeera

Our Correspondent Rajkot | Updated on June 09, 2011 Published on June 09, 2011

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Higher arrivals in Gujarat's mandis and weak export demand depressed jeera prices in spot and futures markets.

In Rajkot, jeera was traded at Rs 2,120-2,652 for a maund of 20 kg, and around 1,200 bags arrived in the agricultural produce marketing committee here. In Unjha, jeera quoted at Rs 1,900-3,025. New arrivals were at around 8,000 bags, against 7,000 on Wednesday, with demand reported around 9,000 bags.

On the National Commodity and Derivatives Exchange, jeera for June delivery increased by Rs 116 to Rs 13,750 a quintal with an open interest of 10,734 lots. NCDEX July contracts gained Rs 81 at Rs 14,231 with an open interest of 20,277 lots.

Mr Ajay Kedia of Kedia Commodity in Mumbai said market sentiment has been weak as arrivals in Unjha were moderate and exports are yet to pick up. Apprehensions of lower production and rise in domestic and export demand are likely to support prices later on, he said. He believes demand from the US and European countries is likely to shift to India in the coming weeks due to low stocks in international markets.

Market analysts said subdued demand from retailers and stockists when stocks are adequate mainly pulled down jeera prices in the wholesale grocerymarket here.

Published on June 09, 2011
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