Jeera Slips In Early Moves

The NCDEX Jeera futures slipped in early trades today as the market participants continued to pull the benchmark futures down, in what looks like yet another the start of yet another session with bears having an upper hand.

The NCDEX February contract closed at Rs 10625 per quintal in last session, down Rs 94 per quintal as traders eyed a slack movement in pepper- the other major counter in spices section.

This has been hovering over Jeera as well and the futures were not able to hold on in early moves today. The contract is trading down the previous closing price by Rs 33 and quotes at Rs 10592 per quintal right now.

We may expect a support of Rs 10533 to hold on during the intraday moves and a break below this level may bring further sell off in the contract.