Mumbai, Jan 25 (Commoditiescontrol): Jeera prices slipped by Rs 100/20kg in average quality at Unjha market tracking weak cues from the derivatives market.
No buyers were active for superior quality despite less arrivals, traders said.Sharp drop in prices of Jeera witnessed across the leading markets.
Prices have dropped around Rs 1000/20kg within week from higher levels, as per Unjha based trader.Local trader expect the commodity to under go further correction in coming days before gaining stability. Moreover, buyers are keeping a close watch on weather updates.
Weather remains favourable for jeera crop.Steady arrivals of 2000 bags from surrounding areas at Unjha were witnessed.
As per the market report, about 8000-9000 bags were on sale in the local market.Similarly, consistent fall of Rs 50/20kg was seen at the Rajkot market on slack trade activity amid steady arrivals of 400 bags.
Moreover, Singapore quality for export was priced lower at Rs 6,200-6,250/20Kg within 15 days Kandla-Mundra delivery.
Jeera stock at the NCDEX accredited warehouses as on January 24 was reported at 1,886 MT at Unjha center, down from 1,892 MT in the previous day, as per exchange data.
Jeera contract for March delivery settled at Rs 31695/quintal showing an fall of Rs 690 over previous close of Rs 32385/quintal,The contract moved in the range of Rs 31110-32400 for the day. Open interest increased by 135 MT to 4830 MT, while trading volume increased by 51 to 3552 MT.
Jeera contract for April delivery settled at Rs 31710/quintal showing an fall of Rs 680 over previous close of Rs 32390/quintal,The contract moved in the range of Rs 31125-32115 for the day. Open interest increased by 102 MT to 876 MT, while trading volume decreased by 330 to 531 MT.
Currently The spread between March and April contract is 15 Rs/quintal.