Jeera mart bearish

COMMODITY SPIKES

The sluggish demand in the local and global markets is expected to keep the cuminseed (jeera) market in the bearish mode this week as well. Unless demand picked up, there might not be a change in the bearish sentiment, said commodity analysts. Since the expiry of the August contract on August 20, the near-month contract has sharply fallen by around 8 per cent. Currently, the stocks at Unjha and Jodhpur warehouses are around 4,900 tonnes. Of these, around 1,900 tonnes will get exhausted in the September contract. Unjha witnessed an arrival of 2,500 bags (each of 55 kg) and spot rates of average quality have fallen from Rs 12,000 a quintal to Rs 10,500 a quintal, down 12.5 per cent.

The support level for September contract is around Rs 10,625 a quintal and resistance is seen at Rs 10,900 a quintal. On the National Commodity and Derivatives Exchange (Ncdex), the near-month contract closed last week at Rs 10,641 a quintal, down 9.6 per cent, against the previous week's close of Rs 11,767 a quintal.