Jeera slips as markets eye upcoming crop

NCDEX Jeera futures are sliding amid hopes of conducive weather conditions triggering good crop in coming months. The spot prices have slipped from Rs 19660 per quintal to Rs 18800 per quintal over last one month as sustained rainfall in last month of South-west monsoon season was observed around the country. Demand is expected to be steady in wholesale markets amid peak festival period but futures are indicating tepid price action over last few days. The benchmark NCDEX November futures are currently quoting at Rs 19085 per quintal, down 0.44% on the day. Futures quoted above Rs 20000 per quintal in mid-September before pulling back and are failing to sustain to modest rallies in last few sessions. Meanwhile, data showed that leading Jeera producing state Gujarat has received 118% of average rainfall compared to the 10-year average, recording 1,042.63 mm of rain. This can help keep moisture and may also keep temperatures cooler, providing supportive weather conditions for Jeera sowing.

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