MUMBAI (Commodity Online): Jeera futures moved down in the initial trading hour at the NCDEX counter on Tuesday in tandem with weak spot market sentiments.

NCDEX Jeera March slumped nearly Rs 183 or 1.53 percent to the session low of Rs 11704 per 100 kg. The counter now quoted at Rs 11721 and the open interest added 0.28 percent, indicating short selling. The next strong support seen at Rs 11,570 and resistance at Rs 12034 per 100 kg.

Technically, the support for jeera is at 11267 below that could see a test of 11393. Resistance is now seen at 11783 above that could see a resistance of 11909.

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Jeera February contract ended flat to positive and up by Rs 40 and settled at Rs 11656 a kg futures ended slightly up on Monday but are seen trading lower on Tuesday on pressure from fresh arrivals and higher output estimates, arrivals are expected to pick up in the next few days and would be peaking in March-April.

Jeera exports in December 2009 dropped by 28 percent to 2,500 tonnes on year, the spices board said. Spot Jeera fell by 77 rupees to end at 12,086 rupees per 100 kg in Unjha, a major trading hub in Gujarat. The contract made intraday low of Rs 11520 a kg and high of Rs 11778 a kg.

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