MUMBAI (Commodity Online): Jeera futures edged up against previous closes on Wednesday due to improved demand in the spot market.
NCDEX jeera November futures moved in the ranges of Rs 13425-13100 levels against the last close of Rs 13301 levels. The counter now quoted at Rs 13160, down Rs 141 and the open interest dropped 6 percent to 4,191 tonnes, indicating profit taking.
Indian jeera futures hit fresh contract highs on Tuesday afternoon as rising export demand and a strong spot market supported prices. November jeera futures closed up 4 % at 13,301 rupees per 100 kg.
Gradual gain in domestic demand is supporting the rise in prices. According to market sources, there are expectations of export demand in the near future which could give a fresh trigger to prices.
Start trading in commodities from as low as $50. Join nowAccording to market sources, some people are encashing upon the opportunity of buying at lower rate in physical market and selling on futures.
For NCDEX November contract volume and open interest has gone down by 38.2% and 1.5% respectively on Saturday, which indicate a turn to lower side. Spot prices in Unjha traded up more than 321 rupees at 12,680 rupees per 100 kg.
