Jeera Slides 1% After Volatile Spell

NCDEX Jeera futures slumped today as traders eyed a pick up in harvest in coming months given the favorable monsoon conditions. A good burst of rainfall in recent weeks is likely to keep the moisture levels high, supporting the crop in key growing regions. The benchnark NCDEX Jeera futures saw highly volatile activity in last session, hitting a contract high of Rs 17380 per quintal before ending at Rs 17215 per quintal, up modestly on the day. The state of Gujarat has received an average rainfall of 113.5 % during this monsoon season, with 149 mm in the month of September itself. Traders are eyeing at this data and are refusing to enter long in the commodity. The benchmark NCDEX Jeera futures for October fell 1% to Rs 17050 per quintal today after testing a low of Rs 17020 per quintal. The November 2019 contract has tumbled 2% to Rs 17140 per quintal though the volumes are very thin.