| Date: |
16-12-2011 |
| Subject: |
Jeera Swells On Strong Export Data, Strong Spot Demand |
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Indian Jeera futures spurted during the last two trading sessions on the back of heavy short position covering on reports of the strong cumin export data and strong cues from the spot market.
According to Spices Board of India exports of Jeera during April 2011-Ocotber 2011 stood at 20500 tonnes as compared to 19,800 tonnes in 2010-11, an increase of 3.5%. The Board released the spices export data on Tuesday evening in the website.
The spot market prices shoot as arrivals were steady at 2,000-3,000 bags a day level while the demand surged to 4,500-8,000 bags a day during the week. Jeera arrivals in the Unjha mandi were down by 500 bags to 2,000 bags today as on 15th December 2011, while demand increased to 8,000 bags from 5,000 bags on the previous day. The spot Jeera quoted up by Rs. 500 per quintal in the range of Rs. 12,500-13,500 while best quality quoted at Rs. 14,500-15,500 per quintal, up Rs. 500 per quintal.
The NCDEX Jeera for the January contract gained nearly Rs. 750 per quintal during the last two days. The open interest dipped 9.04% 16,047 tonnes, indicating short covering.
Source : indiainfoline.com
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