Jeera Tests Fresh Low

Jeera futures continued to slip amid thin demand as traders eyed a pickup in harvest in coming months given the favorable monsoon conditions. A good burst of rainfall in recent weeks is likely to keep the moisture levels high, supporting the crop in key growing regions. The benchmark NCDEX Jeera futures have seen a constant decline after hitting a contract high of Rs 17380 per quintal last week. The state of Gujarat has received an average rainfall of 113.5 % during this monsoon season, with 149 mm in the month of September itself. Traders are eyeing at this data and are refusing to enter long in the commodity. The benchmark NCDEX Jeera futures for October have extended losses after breaking under Rs 17000 per quintal and currently trades at Rs 16390 per quintal, down 0.64% today after testing a fresh contract low of Rs 16340 per quintal