MUMBAI (Commodity Online): Jeera futures gained momentum in the initial hours of trading session on Monday on the back of fresh buying.

NCDEX jeera April contract on rose further Rs 143 or 1.18 percent to the session high of Rs 12188/100 kg and the counter now quotes at Rs 12170.

The session low was Rs 12051, a strong support level and the counter has strong resistance level at Rs 12200-12250 levels. The open interest in the contract added 1.65 percent to 10191 tonnes, indicating fresh buying.

As per expectations, Jeera futures traded on a positive note during Saturday’s trading session due to short covering amid lower arrivals to the major market at Unjha.

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Gain in spot rate by Rs.25 per quintal to Rs.11,625 per quintal also assisting the recovery in prices. However, continuity of weak export demand is limiting the upside movement in prices.

The most active NCDEX April contract Jeera futures upon a slightly lower opening at 12025 levels, made an intraday high at 12150 levels, lower than the previous session’s high of 12170 levels. It made an intraday low at 11990 levels and settled the day at 12045 levels, with a positive change of 0.14%.

Jeera futures are expected to trade sideways to higher during the day due to continued short covering amid easing arrival pressure to the physical market.

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