JEERA
REBOUNDS FROM PRIOR LOSES ON SHORT COVERING
DATE: 29/05/2012
Indian Jeera futures recovered from the previous session's
losses on short covering at lower levels and also due to bargain buying. The
spot Jeera prices were trading steady in the range of R
11,500-13,000 per quintal at Unjha Mandi. Best quality was trading steady in
the range of R 14,000-15,500 per quintal. The
total arrivals decreased to 10,000 bags from 11,000 bags, while demand was seen
for around 9,000 bags against 12,000 bags.
The NCDEX Jeera June contract moved in the range of R 12,772.50-12,540 and is currently trading higher at R 12,712.50 per quintal, up by R 100 or 0.79% per quintal. The open interest declined 1% to 12,615 tonnes, indicating short covering. Technically, the counter is likely to find resistance at R 12,800, R 12,902 and support is at R 12,525, R 12,438 per quintal.
POWERED BY: COMMODITY
INSIGHTS
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