MUMBAI (Commodity Online): Jeera futures moved further down Thursday on the back of existing weakness in the spot market driven by higher supply and lower demand.

NCDEX jeera April contract slumped Rs 210 to the session low of Rs 11,870 per 100 kg. The session high was Rs 12050 and the counter now quotes at Rs 11,925 per 100 kg. The open interest added 2.08 percent to 10152 tonnes, indicating short selling

Jeera ended higher due to decline in arrivals amid improved domestic demand and a likely rise in overseas enquiries. At Unjha, arrivals have declined to 20,000-22,000 bags (60 kgs) per day against 30,000 bags per day last week as farmers are waiting for higher prices.

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Spot rates in Unjha jumped 175 rupees to end at 11,812.50 rupees per 100 kg. April contract gained Rs 51 and settled at Rs 12050 a kg.

The contract made intraday low of Rs 12012 a kg and high of Rs 12257 a kg. Support for Jeera is at 11956 below that could see a test of 11861. Resistance is now seen at 12201 above that could see a resistance of 12351.

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