MUMBAI (Commodity Online): Jeera futures slumped Monday on weak export demand as well as higher sowing in the producing regions.
In NCDEX jeera February contract closed at Rs.14291 per quintal, down by 0.88 per cent against the previous close.
In the morning session the contract traded at a range of Rs.14267-14520 per quintal. Open interest of the contract stood at 5127 lots and volume traded is 4014 lots.
Favourable weather conditions prevailing in Gujarat and Rajasthan have boosted the growth of the sown crop. This is restricting prices from trading higher. Demand from the overseas and domestic buyers also continues to remain dull.
Production of Jeera in 2011-12 is expected to be around 35 lakh bags as compared to 29 lakh bags in 2010-11. (Each bag weighs 55 kgs).
According to Spices Board of India, exports of Jeera during April 2011-November 2011 stood at 26,500 tonnes as compared to 20,750 tonnes in 2010-11, an increase of 27.7%.
