MUMBAI (Commodity Online): Jeera futures succumbed to profit booking at the early session of the trade Monday though domestic and global demand for the commodity remained firm.
NCDEX jeera December slumped to the low of Rs 13835, down Rs 115 or 0.82 percent from last close. The session high was Rs 14075 and the counter now quoted at Rs 13910 against the last close of Rs 13950 per 100 kg. The open interest in the counter added 1.72 percent, indicating short selling and the volume traded as of now stood at 1,971 tonnes.
Support for jeera is at 13548 below that could see a test of 13710. Resistance is now seen at 14082 above that could see a resistance of 14244.
Trade sitting at the comfort of home. Start with a mere 50$Indian Jeera December futures ended slightly up on Saturday due to support from firm overseas demand. The Indian spice closed the session at 13950 rupees per quintal, after touching a low of 13872 during the day.
The horror casted by the cyclone phyan has ebbed away and it resulted into light drizzle across northwest India which is beneficial for sowing in progress for Jeera.
According to trade sources, Syria and Turkey prices are at premium as compared to Indian rates, which are hovering around $2150 2200 per tonne. Stock position at NCDEX accredited warehouses is stagnant at 1478 tonnes as per the latest update of 11 Nov’09.
