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Bearish tone in Jeera market continues due to profit booking

2 Dec 2021 8:39 pm
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Unjha, December 2 (Commoditiescontrol) Jeer prices continued to trade lower on Thursday for the third consecutive day due to weak buying sentiments. Prices were down in the spot and futures due to profit booking.

As per the trade analysts, prices had shot up considerably after which profit booking is seen as demand from locals and exporters are expected to remain weak amid fear of new COVID variant.

However, the area under cumin in Gujarat is only 63,144 hectares as against 1.68 lakh hectares at the same time last year, while in Rajasthan 1.75 lakh hectares have been sown under cumin. As per the trade sources, jeera production in Syria and Turkey was limited due to bad weather and it was expected that exports will increase, but resurgence of pandemic fear may disrupt the exports.

Ajay Kedia, Director Kedia Advisory said jeera turned bearish amid the fear of new COVID variant which may affect the global economic growth. In fact, prices shot up recently amid expectations of low acreage as the area of jeera is likely to shift other crops. After which prices have come down due to profit booking, he added.

Jeera for delivery in the current month ended Rs 365 or 2.29% down at Rs 15,595 per quintal on the NCDEX today while prices dropped to Rs 15530 per quintal during the trade.

Commodity

Market

Variety

Min

Max

Prev. Min

Prev. Max

Change

Arrivals

Jeera

Unjha

Rough (20 kg)

2490

2540

2510

2560

-20

12000

Jeera

Unjha

Ncdex (20 kg)

2570

2690

2590

2710

-20

Jeera

Unjha

Best Quality (20 kg)

2740

2790

2760

2810

-20

Jeera

Unjha

Bomabay BOLD (20 kg)

2850

2900

2870

2920

-20

Jeera

Rajkot

Europe Quality (20 kg)

2860

2935

2880

2955

-20

900

Jeera

Rajkot

Singapore Quality (20 kg)

2775

2860

2795

2880

-20

Jeera

Rajkot

Discolor (20 kg)

2685

2785

2705

2805

-20

Jeera

Rajkot

Super Quality (20 kg)

2935

2985

2955

3005

-20

Jeera

Rajkot

Europe - Mundra (20 kg)

3260

3285

3280

3305

-20

Jeera

Rajkot

Singapore Mundra (20 kg)

3110

3135

3130

3155

-20

(By Commodities control Bureau; +91 9820130172)


       
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