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Jeera futures that traded on a positive note last week on re-emerging export demand, are on a downside today due to profit-booking.
On the NCDEX, jeera for delivery in September fell by Rs 310 a quintal to close at Rs 15,900. The October and November series too moved down by Rs 290 and Rs 262.5 respectively to end at Rs 16,312 and Rs 16,700.
Profit-booking by speculators at higher levels and sluggish demand in the spot market pulled down the spice.
However, prices are likely to bounce back in the coming days as farmers are retaining their produce resulting in lower arrivals. Improving overseas sales will also lend support to prices. Supply concerns from Syria and Turkey still exist. Expectations are that large export orders may be diverted to India from the international markets.
Jeera of Indian origin is being offered at $3,000-3,025/tonne (c&f) in the international market, while Syria and Turkey are not offering their produce.
In the Unjha spot market at Gujarat, jeera was traded at Rs 16,271.45; arrivals stood at 6,000 bags (of 55 kg each), while offtake stood at 6,000 bags on Saturday. Although analysts expect prices to rise on export demand and lower arrivals, the recent bout of rains in the top producer, Gujarat, may cap any sharp upside.
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