Jeera Sees Sustained Buying Interest

NCDEX Jeera futures continue to see bargain buying after the recent tumble. An increase in Jeeras acreage in Gujarat and Rajasthan, and favorable weather conditions across the growing regions are expected to boost the yields. The total area sown under Jeera in Gujarat was at 4.87 lakh hectares as on January 20th 2020, up 45% compared to the year-ago period, as per the state agriculture departments data. The supplies are expected to rise in coming weeks as weather conditions remain supportive for the crop. However, the hefty drop that pulled the benchmark NCDEX Jeera futures to a contract low under Rs 14500 per quintal last week, is seemingly triigering some buying interest now. The counter currently trades at Rs 14720 per quintal, up half a percent on the day.