Spot Market Update: Weak Rupee Could Support Jeera Export Demand

Futures witnessed some selling recently and hurt the activities in ready market as demand remained lax. Arrivals stay elevated in major Jeera mandies and traders are eying further increase in supplies in coming weeks. Sentiments have been dominated recently by a spurt in Jeera acreage in Gujarat. Supplies are seen picking up. The spot prices are currently trading at Rs 15800 per quintal in Unjha, up marginally on the day. Jeera supplies in Unjha stayed around 20000 bags today. A weak undertone in Indian Rupee, which plunged to near 15 month low today is keeping the export demand hopes supported.