MUMBAI (Commodity Online): Jeera futures back on track with fresh buying support at the NCDEX counter Friday. Lower arrivals in the domestic spot markets and the revived demand spurred traders to enhance their position.

NCDEX jeera April contract on jumped Rs 206 to the session high of Rs 12110 per 100 kg. The counter now quotes at Rs 12080 and the open interest added 2.61 percent, indicating fresh buying.

Technically, the counter is bullish as it is trading above the resistance of Rs 12028 and the next resistance would be at Rs 12557 per 100 kg.

Jeera futures traded on a negative note during yesterday’s trading session due to continued arrival pressure and weak export demand for this seed spice. Improved production expectations are another fundamental factor supporting the fall in prices.

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However, the downside is remaining limited due to good domestic demand. The most active NCDEX April contract Jeera futures upon a lower opening at 12000 levels, made an intraday high at 12050 levels, lower than the previous session’s high of 12257 levels. It made an intraday low at 11810 levels and settled the day at 11901 levels, with a negative change of 1.48%.

Jeera futures are expected to trade sideways to lower during the day because on continued arrival pressure amid higher production expectations. However, the downside might remain limited due to short covering.

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