JEERA PLUMMETS ON LONG LIQUIDATIONS ON BEARISH CUES
DATE: 24/04/2012
The NCDEX Jeera plunged for the third day on short selling triggered by strong production estimations. The total production of Jeera in the current year is likely in the range of 32-33 lakh bags (1 bag = 55 kgs) against 28 lakh bags that were reported in the last year. This is mainly due to strong sowing acreage along with better productivity levels. The total production in Gujarat is likely at 12-13 lakh bags while in Rajasthan it is estimated at 10 lakh bags. The NCDEX Jeera May delivery was quoting lower at Rs 12050 and is currently trading lower at Rs 12130, down by Rs 125 or 1.02% over the last close. The open interest dipped 0.50% to 13,980 tonnes, indicating profit taking while volume traded stood at 5,058 tonnes.
POWERED BY: COMMODITY INSIGHTS
No comments:
Post a Comment