Jeera Futures Facing Consistent Selling Around Rs 17K

NCDEX Jeera futures have been facing consistent selling pressure around its contract high of Rs 17000 per quintal. The commodity has gained in last few days on steady buying support following weak supplies in ready markets. Export demand is likely holding up and buying is continuing to lift the futures to fresh contract highs. The benchmark NCDEX July 2018 futures contract edged up after repetitively testing lows near Rs 16100 per quintal mark last week. The futures hit Rs 17K yesterday before easing and saw a similar move in early trades today. The counter edged up near Rs 16950 per quintal levels before witnessing a corrective move that took off more than Rs 200 from the counter in less than an hour. The counter currently trades at Rs 16790 per quintal, down 0.30% on the day. The supplies have been lingering in a range of around 10000-12000 bags in Unjha and the trend is likely to remain the same as rainy season continues. The Jeera harvest period in India for jeera starts around February-March and next few months see good arrivals. Supplies tend to wane after the monsoons start. As such, the next few weeks are likely to see muted trades in spot markets though prices are expected to stay elevated.