MUMBAI (Commodity Online): Jeera futures stumbled in the early trading due to the weak fundamentals such as lower demand and higher supply in the spot market on Thursday.

NCDEX Jeera for the September delivery slumped by Rs 130 or 0.96 percent to the session low of Rs 13401 per 100 kg. The counter is currently quoting at Rs 13440, down Rs 91 or 0.67 percent from the last close. The open interest in the contract added 2.50 percent to 11,907 tonnes, indicating short selling.

Jeera September contract gained Rs 107 and settled at Rs 13536 a kg on bargain buying supported by a decline in daily arrivals and dwindling stocks. In spot, selling pressure has come down after continuous fall in the prices.

Estimates of lower crop in Syria and Turkey, the major competitors of India, also supported the upside. In Unjha, a key spot market in Gujarat, Jeera dropped -47.65 rupees to end at 13860 rupees per 100 kg.

The contract made intraday low of Rs 13370 a kg and high of Rs 13719 a kg. Support for jeera is at 13364 below that could see a test of 13193. Resistance is now seen at 13713 above that could see a resistance of 13891.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook