Jeera declines on sluggish demand
Wednesday, 6 October 2010
Jeera October contract dropped Rs 249 and settled at Rs 13280 a kg on hopes of good sowing in the up-coming season due to sufficient moisture in the soil and subdued domestic demand, reports Commodity Online.
Selling pressure has increased in the spot market on likelihood of further fall in the prices. Some overseas enquiries are seen in the market but are not supporting the prices.
The fresh arrivals of jeera were around 3000 bags against 2500 bags reported in Unjha. In Unjha, a key spot market in Gujarat, jeera dropped -125.7 rupees to end at 13392.5 rupees per 100 kg.
The contract made intraday low of Rs 13261 a kg and high of Rs 13502 a kg. Support for jeera is at 13193 below that could see a test of 13107. Resistance is now seen at 13434 above that could see a resistance of 13589.
Selling pressure has increased in the spot market on likelihood of further fall in the prices. Some overseas enquiries are seen in the market but are not supporting the prices.
The fresh arrivals of jeera were around 3000 bags against 2500 bags reported in Unjha. In Unjha, a key spot market in Gujarat, jeera dropped -125.7 rupees to end at 13392.5 rupees per 100 kg.
The contract made intraday low of Rs 13261 a kg and high of Rs 13502 a kg. Support for jeera is at 13193 below that could see a test of 13107. Resistance is now seen at 13434 above that could see a resistance of 13589.