Jeera updates

Selling is likely to persist in jeera futures on the heels of strong sowing progress in Gujarat along with weak demand by exporters at higher levels. The NCDEX futures wilted almost Rs 200 per quintal in the last trading.
As per the latest release from Ministry of Agriculture of Gujarat, the total sowing acreage of jeera as on 3rd December 2012 was reported at 2.21 lakh hectares, up almost 15% from the last year in the same period. This was mainly on the back of strong sowing acreage in Surendranagar and Ahmedabad district.
In the spot market, the total Jeera arrivals slipped by 2,000 bags to 5,000 bags at Unjha mandi while demand was reported stable at 7,000 bags. The spot Jeera continued to trade flat in the last trading as prices quoted in the range of Rs 13,500-14,500 and the Best quality was quoting in the range of Rs 14,500-15,500 per quintal.
The NCDEX Jeera January futures pared almost Rs 200 per quintal to close at Rs 14992 per quintal in last trading. The NCDEX contract added almost 250 positions in open interest indicating fresh short positions by traders. Technically, selling is likely to emerge from around Rs 15170-15180 per quintal while supports are likely at Rs 14850-14900 per quintal in the short term

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