NCDEX Jeera Tests Another Contract Low

The NCDEX Jeera futures slipped further yesterday as fresh arrivals in Saurashtra region weighed on the sentiments. The futures have simply not been able to hold onto their gains in recent weeks. The counter hit a three week high of Rs 17350 per quintal in third week of January but has seen heavy selling thereafter. Prices fell sharply and tested a fresh contract low of Rs 15625 per quintal in last session. The supplies in key mandi of Unjha are still very thin though, coming in around 1500-2000 bags per day in last one week. There is a possibility of some bargain buying in the futures at current levels but the overall mood is still sluggish as traders are eyeing the upcoming harvest. The counter currently trades at Rs 15700 per quintal, up 0.19% on the day.