Jeera futures increased by the maximum permissible level of four per cent on Thursday, backed by strong local demand.Fresh export inquires also helped the upward movement. Spot prices increased marginally.
According to Kedia Commodity report, jeera ended with a four per cent upper circuit due to fresh export enquiries and strong local demand amid slack domestic supplies.
Demand is very strong in the domestic market from exporters and stockists. The supply shortfall is keeping prices firm.
Support for jeera is at Rs 15,351 below which it could be tested at Rs 14,889. Resistance is now seen at Rs 16,043 above which it could hold at Rs 16,274.
On the National Commodity and Derivatives Exchange (NCDEX), jeera August contracts moved up Rs 610 (4.10 per cent) to Rs 15,202.50 a quintal . NCDEX September jeera prices gained Rs 622.50 to reach Rs 16,177.50.
According to market sources, demand is gaining against declining supplies. At the Unjha mandi in Gujarat, arrivals stood at 10,000-11,000 bags, while demand surged to 14,000 bags.
However, jeera prices have not increased much in the spot market.
It traded higher by Rs 10-15 to Rs 2,250-2,350 for 20 kg, and NCDEX quality raw quoted at Rs 2,600-2,750 for 20 kg at Unjha.