Rajkot Jeera Rises Rs 35/20Kgs in Two Straight Sessions; Futures Inch Closer to Rs 13,800 Resistance Level

Mumbai (Commodities Control) - Spot jeera prices surged for the second straight session on Tuesday in Rajkot by Rs 20/20 Kgs amid increased arrivals, while Unjha witnessed a flat price session. The spice gained Rs 15/20Kgs in Rajkot on Monday. Tracking spot cues, futures settled sharply higher on Tuesday.

It is to be noted that Unjha mandi registered unchanged arrivals of 12,500 bags today, while Rajkot reported arrivals of 7,000 bags vs 6,500 bags in the last session.

Spice traders reveal that festive demand is keenly watched, as farm arrivals have started to pick pace and the market awaits better quality spice with reduced moisture content.

Jeera futures settled sharply higher on Tuesday, as the March contract on NCDEX ended Rs 265 higher at Rs 13,745/Quintal and April’21 futures settled Rs 270 stronger at Rs 13,865/Quintal. On Monday, March and April futures on NCDEX closed Rs 60/Quintal and Rs 75 stronger respectively. Traders attribute this rise to steady demand from local stockists.

Technical analysts see Jeera March ‘21 futures retesting resistance near Rs 13,800. Traders are advised to initiate long positions on strength above Rs 13,800 with a stop loss of Rs 13,300.