The Jeera futures near month contract slumped further on Tuesday morning trading on long position liquidation ahead of the expiry on weak demand. The NCDEX Jeera near month November contract ended the last session with loss of 0.82% at Rs 10,500 per 100 kg. On Tuesday morning trading, November futures contract slumped Rs 183 or 1.74% to the session low of Rs 10,317 per 100 kg and the open interest dropped 10.67% to 1,581 lots from 1,770 lots as on last day, indicating long liquidation ahead of expiry.
The counter currently trades at Rs 10,365, down Rs 135 or 1.29% from the last close. The volume traded as of now stood at 438 lots. The next support for the contract is at Rs 10300 and Rs 10,220 and resistance at Rs 10,550 per 100 kg.
The benchmark January contract traded in the ranges of Rs 10124-Rs 9900 per 100 kg and the counter currently trades at Rs 10060, up Rs 4 from the last close. The open interest added 2.89% to 6,882 lots from 6,690 lots as on last day.
The Benchmark Unjha mandi price slumped further on yesterday on weak demand. The commodity ended the last week with loss of 3.09% over the previous week. The jeera prices slumped further nearly Rs 56.25 or 0.55% over the last session to Rs 10618.75 per 100 kg on Monday.
The indicative Cumin Seed - Jeera (fob Kandla/Mundra) Prices in US$ PMT FOB port, India stood at Cumin Seed - Jeera (fob Kandla/Mundra) Machine Cleaned 99% - US$ 2275-2350 and Machine Cleaned - US$ 2550-2625. With the falling spot and futures prices of cumin and once again depreciating rupee, the jeera prices are more competitive to trigger the buying interest of overseas importers.
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