Jeera futures gain amidst purchasing interest

Mumbai: Jeera futures on NCDEX gained amidst improved buying interest at lower levels. Traders found opportunity to purchase jeera contracts from recent fall that kept prices higher side, said an analyst from India Infoline. Short covering and improved demand at lower levels have supported jeera prices in the futures markets. There is demand in the domestic market from local buyers and exporters. Low production worried will boost demand and low stock position at the consumption centres are the main factors providing impetus to jeera prices. Good production on account of healthy weather in chana producing regions of Madhya Pradesh and Rajasthan has pressurised the chana prices. High arrivals, surging import of pulses through PSUs and lack of demand for pulses had a bearish tone over the market. Traders are offloading their produce before khariff pulses arrives into the market. The market expects that positive outlook on chana will remain.