| Date: |
26-08-2011 |
| Subject: |
NCDEX Jeera Weighs Down On Weak Exports |
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MUMBAI (Commodity Online): Jeera futures fell on Thursday on the back of weak demand from domestic and export demand.
At NCDEX Jeera September contract is trading at Rs.15765 per quintal, a decline of 0.44% at 15:10 IST against the previous close.
In the morning session the contract traded at a range of Rs.15710-15890 per quintal. Open interest of the contract is 17799 lots so far.
Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks.
Export demand from US and EU could also rise at these lower levels in coming weeks and that could have a moderate bullish impact on the prices.
Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-June 2011 have fallen by 26% from 157,850 MT in 2010 to 116,900 MT in 2011. Jeera exports fell by 46% from 10,600 MT to 5,750 MT during the same period.
Source : commodityonline.com
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