Jeera prices increased in spot and futures market on the back of short supply coupled with higher demand.
According to Kedia Commodity report, there is a good demand in the spot market from local buyers but supplies are weak, leading to a higher price.
Analysts said that besides pick-up in spot demand, lower arrivals from producing regions is the main reason for the upsurge in jeera futures.
On the National Commodity and Derivatives Exchange (NCDEX), jeera July contract increased by Rs 250 to Rs 14,112.50 a quintal with an open interest of 3,204 lots. August gained by Rs 150 to Rs 14517.50 a quintal with an open interest of 21,903 lots. NCDEX accredited warehouses jeera stocks gained by 42 tonnes to 9,294 tonnes.
Jeera medium increased Rs 25 to Rs 2,075-2,175 for a maund of 20 kg, NCDEX quality raw quoted at Rs 2,500-2,600 at Unjha market . Arrival stood at 10,000-12,000 bags and traded around 13,000-14,000 bags.
In the international market, Indian jeera one per cent July ready shipment quoted at $2,700 a tonne (cnf) Singapore. Meanwhile, Syria is offering for July ready shipment at $3,000 and Turkey at $3,100 f.o.b. There is no clear news on the production of Syria and Turkey crop. However, cumin seed production is being reported less than previous year.