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Jeera Down For Second Day On Profit Taking

Capital Market/ 14:08 , Dec 22, 2012


Jeera futures eased from the high for the second day on profit taking. Prices are likely to be influenced by sowing status of the spice in major growing belts. The NCDEX Jeera benchmark March contract ended the day at Rs 15,545, down Rs 40 or 0.26% from last close.

The daily arrivals in the Unjha market yard were 4,500 bags and demand at 6,000 bags. Meanwhile, the price quoted at Rs 13,500-14,500 per quintal. 

Jeera Sowing in Gujarat and Rajasthan started and the exact information on sowing of both states will be available only by the end of December. The area under coverage and climate condition is very crucial for the yield of the crop. Jeera is grown as a rabi crop in India and it is also grown well in sub-tropical climate too, best suited for sandy soil. It requires less water and more cold for its better growth with ideal temperature of 25 to 30 degree. Jeera crop is highly sensitive to rain, if rain occurs during harvesting time (February to March) quality of the Jeera will be badly affected besides quantity damage (due to fungal diseases). Arrivals are weak in local mandis and export demand is likely to fetch in coming days as Syria and Turkey supply constraints exits. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Higher stocks for delivery on the exchange warehouses may pressurize prices. Jeera Sowing in Gujarat and Rajasthan started and the exact information on sowing of both states will be available only by the end of December. The area under coverage and climate condition is very crucial for the yield of the crop. Jeera is grown as a rabi crop in India and it is also grown well in sub-tropical climate too, best suited for sandy soil. It requires less water and more cold for its better growth with ideal temperature of 25 to 30 degree. Jeera crop is highly sensitive to rain, if rain occurs during harvesting time (February to March) quality of the Jeera will be badly affected besides quantity damage (due to fungal diseases). Arrivals are weak in local mandis and export demand is likely to fetch in coming days as Syria and Turkey supply constraints exits. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Higher stocks for delivery on the exchange warehouses may pressurize prices.

The benchmark March contract dropped to the support level Rs 15,500, down Rs 500 from the recent high during the week. Contract ended the day at Rs 15,545, down Rs 40 or 0.26% from last close and the open interest added 134 tonnes to 13,449 tonnes, indicating profit taking.

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