NCDEX Jeera NOV Tips

Jeera slipped from the high on profit taking of the previous gains while thin supplies in the domestic market kept the downside limited. The NCDEX Jeera November contract ended the day at Rs 15,430, down Rs 207.50 or 1.33% from last close.

The spot Jeera traded in the range of Rs 14,000-14,625 per quintal (Rs 14,000-14,500 per quintal as on 18th October 2012) at Unjha Mandi. Best quality was traded in the range of Rs 15,000-15,625 per quintal (15,000-15,500 per quintal as on 18th October 2012). The total arrivals decreased to 4,500 bags from 6,000 bags, while demand jumped to 8,000 bags from 5,000 bags.

Cumin exports during April - July 2012 are estimated to be 23,500 tonnes [Rs 304 crore] against 10,500 tonnes [Rs 140.32 crore] in the corresponding period of April- July 2011. Jeera is a winter crop sown from October, and farmers depend on rains to moisten the land for sowing. The reports of good rains in Gujarat are likely to boost the sowing prospects in the rabi season and this is likely to limit the gains in medium term.

NCDEX Jeera gained nearly 16% in the last one month on strong export demand and weak supplies. The counter ended the session at Rs 15,430, down Rs 207.50 or 1.33% from last close.