Indian jeera futures, firm in early trade on good export demand from the Middle East and European countries, pared gains and ended lower on profit-taking and a rise in arrivals, analysts said.All the contracts hit the initial two percent lower daily price limit.
The benchmark September contract has risen more than 12 percent in the last eight trading sessions.The recent rise in prices also prompted farmers to offload more stocks, which increased arrivals in the physical market, said Alimuhammad Lakdawala, an analyst with Anand Rathi Commodities.India's jeera production in 2008 is likely to touch 2.5 million bags due to conducive weather and increased area under cultivation. Arrivals in the physical market were about 14,000-15,000 bags, compared with about 10,000 bags last week, said Manibhai Patel, a Unjha-based trader.The September contract would get support at 12,000 rupees and face resistance at 12,900 rupees.
The benchmark September contract has risen more than 12 percent in the last eight trading sessions.The recent rise in prices also prompted farmers to offload more stocks, which increased arrivals in the physical market, said Alimuhammad Lakdawala, an analyst with Anand Rathi Commodities.India's jeera production in 2008 is likely to touch 2.5 million bags due to conducive weather and increased area under cultivation. Arrivals in the physical market were about 14,000-15,000 bags, compared with about 10,000 bags last week, said Manibhai Patel, a Unjha-based trader.The September contract would get support at 12,000 rupees and face resistance at 12,900 rupees.
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