Jeera futures gained by 2.55 per cent on Thursday due to short supply and export demand mainly for Europe. However, spot price remained unchanged.
On the National Commodity and Derivatives Exchange (NCDEX), jeera September contract increased by Rs 372.50 to Rs 14,980 a quintal with an open interest of 12,939 lots. October delivery gained Rs 360 to Rs 15,400 with an open interest of 18,450 lots.
New jeera medium quoted at Rs 2,400-2,500 for 20 kg, NCDEX quality raw quoted at Rs 2,725-2,875 at Unjha market of Gujarat. Traders mentioned that poor supplies of around 4,000-4,500 bags were reported daily at the Unjha mandi against the total demand of around 7,000-8,000 bags.
An Unjha-based broker said, “Some fresh overseas enquiries came today, though overall demand has come down slightly on hopes of a correction in prices. Upside would be limited because of continues rains in Gujarat.”
According to Kedia Commodity report, jeera gained due to restricted supplies by traders at lower levels along with weak stock position in local mandis. Some fresh overseas enquiries came today, though overall demand has come down slightly on hopes of a correction in prices.
Improved rainfall activities in Gujarat and Rajasthan could pressurised market sentiments to some extent as that remains critical this month for better sowing prospects of the new crop in coming months.