| Date: |
03-08-2011 |
| Subject: |
Jeera Ends Down For Third Straight Day On weak Export Demand |
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Jeera dipped further on profit selling triggered by weak export data. The Jeera exports slumped by 46% to 5,750 tonnes while value dipped by 36% to Rs. 7,560 lakh during April to June 2011. Forex revenue from exports of spices and spice products from India during April-June 2011 registered a rise of 21 % while the tonnage declined by 26 %. The reported fall in the global and domestic production is likely to add some support while weak export data may limit gains.
The spot Jeera price traded at Rs. 14,000 per quintal, down by Rs. 200 per quintal at Unjha Mandi. Best quality traded steady in the range of Rs. 15,000-16,000 per quintal. The total fresh arrivals at around 7,000 bags (demand was reported around 5,000 bags) were reported against 8,000 bags on the previous day.
The NCDEX Jeera August contract ended the last day lower by 1.11% at Rs. 15822 per 100 kg. The contract moved in the range of Rs. 15925- 15705 per 100 kg on Tuesday. The contract ended today's session down by Rs. 48 or 0.30% at Rs. 15774 per 100 kg and the open interest dipped 1.23% to 15180 tonnes, indicating profit taking.
Source : indiainfoline.com
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