Jeera futures scaled new contract lows in today's trading triggered by weak demand in local mandies along with prospects of strong jeera production in the coming season. The NCDEX futures plunged by more than Rs 100 per quintal today.
With the anticipation of strong price escalation in jeera in the current season due to strapping export demand prompted the heavy stocking of jeera during the April- August period. Therefore, not much demand by stockiest and physical traders was reported at current levels. Moreover, heavy rainfall in the major jeera producing states such as Rajasthan and Gujarat also raised the prospects of bumper jeera production in the coming year.
The total arrivals remained unchanged at 4,000 bags, while demand was seen for around 4,000 bags against 5,000 bags. The spot jeera prices were trading steady in the range of Rs 13,500-14,000 at Unjha Mandi. Best quality was trading steady in the range of Rs 14,500-15,000 per quintal.
The NCDEX October Jeera contract slumped by almost Rs 112 per quintal to settle at Rs 13507 per quintal in today's trading. The NCDEX futures touched the intraday lows of Rs 13250 per quintal .The contract declined 900 positions in open interest indicating some profit taking by traders.
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