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India jeera futures rise on export demand
MUMBAI |
MUMBAI May 2 (Reuters) - Indian jeera futures rose on Friday on good export demand on expectations of a lower crop in Syria, analysts said.
"More export orders are now coming from Middle East as the crop in Syria is expected to be lower," said Kunal Shah, an analyst with Motilal Oswal Commodities Broker Pvt Ltd.
Syria is the world's second largest jeera producer and exporter and harvesting there is likely to start in June.
In India, peak harvesting starts in February and continues through April.
Arrivals in the physical market were about 20,000 bags of 70 kg each, while demand was about 23,000 bags, said Manibhai Patel, a Unjha-based trader.
The July contract would face resistance at 10,900 rupees and get support at 10,550 rupees, said an analyst with Indiabulls Commodities Pvt Ltd.
Following are the closing prices of jeera futures in rupees per 100 kg on the National Commodity and Derivatives Exchange Ltd. <0#NJE:>:
Contract Reuters code Closing price Change in %
===========================================================
May NJEK8 10,287 0.94
July NJEN8 10,730 1.05 (Reporting by Debiprasad Nayak, editing by Prem Udayabhanu)
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