MUMBAI (Commodity Online): Jeera futures slipped further Monday due to the weak fundamentals such as subdued demand and higher supply in the spot market.

NCDEX jeera futures April contract on NCDEX slipped Rs 100 or 0.87 percent to the session low of Rs 11,460 level. The counter now quotes at session low and the open interest added 4.40 percent to 10,587 tonnes, indicating short selling.

Jeera futures maintained its downtrend during Saturday’s trading session weighed by the factor of increased pace of fresh arrivals to the physical market.

Weak export demand amid expectations of higher crop production for 2010 are also supporting the fall in prices.

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The most active NCDEX April contract Jeera futures upon a higher opening at 11650 levels, made an intraday high at 11740 levels, higher than the previous session’s high of 11700 levels. It made an intraday low at 11500 levels and settled the day at 11560 levels, with a negative change of 0.38%.

Weighed by the factor of increased pace of fresh arrivals Jeera futures are expected to trade sideways to lower during the day. As Jeera prices have been falling consecutively since last four sessions, short covering might limit the sharp fall in prices.

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