MUMBAI (Commodity Online): Jeera futures remained down in the early trading session at the NCDEX counter Thursday due to the weak fundamentals such as higher stock piles and lower demand.

NCDEX Pepper April futures dropped Rs 212 or 1.75 percent to Rs 11,865 and the counter now quotes at Rs 11,911 per 100 kg. The open interest in the contract added 4.61 percent to 11,367 tonnes, indicating that fresh buying. Volume traded as of now stood at 3,294 tonnes.

Fundamentals are weak on weak demand and higher production estimation. Arrivals are expected to pick up in the next few days, and would be peaking in March-April. Jeera exports in January 2010 dropped by 46.66 percent to 2,000 tonnes on year.

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Jeera futures traded on a negative note during Yesterday’s trading session due to selling pressure on the exchange taking cues from the higher fresh arrivals to the major market.

Jeera prices are coming under pressure due to increased momentum of fresh arrivals to the physical market. The most active NCDEX April contract Jeera futures upon a lower opening at 12115 levels, made an intraday high at 12249 levels, almost close to the previous session’s high of 12250 levels.

It made an intraday low at 11960 levels and settled the day at 12077 levels, with a negative change of 0.75%.

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