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26-Apr2011

Jeera Futures Drop On Sluggish Demand

Jeera futures dropped due to sluggish demand in the physical market. However, the projection of lower production of Jeera restricted the losses of the commodity. As per the latest projection by trade sources the total production of jeera in the current season is likely to be around 21 lakh bags (1 bag = 60 kgs) which is three lakh bags less than the earlier projection. Production in last year was reported at 29 lakh bags.

The contract for May delivery was trading at Rs 14,700.00, declined by 0.94% or Rs 140.00 from its previous closing of Rs 14,840.00. The open interest of the contract stood at 18636 lots.

The contract for June delivery was trading at Rs 15,200.00, down by 0.98% or Rs 150.00 from its previous closing of Rs 15,350.00. The open interest of the contract stood at 17082 lots on NCDEX.

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