Jeera futures gained more than 1 per cent on adverse weather in Gujarat. Moreover, arrival was low as the Unjha market was closed for Vasant Panchami festival.

On the National Commodity and Derivatives Exchange, the March contract increased by Rs 137.5 or 1.04 per cent to Rs 13,307.50 a quintal with an open interest of 10,293 lots, while April was up Rs 120 to Rs 13,372.50 with an open interest of 7,437 lots.

Jeera traded higher by Rs 30-35 to Rs 2,275-2,710 for 20 kg at Rajkot, where 2,000-2,200 bags arrived.

According to a Rajkot-based trader, cloudy weather and high temperature may damage the standing crop.

According to market analysts, with rates having fallen quite significantly over the last few weeks, stockists were not willing to sell, which capped the fall in prices. However, if the new crop arrival remains high, prices may not rise.

Arrival of carryover stocks from last year is weak. Export demand may rise from Syria and Turkey. According to market sources, about three-fourths of the export target has already been achieved due to a global supply crunch.

(This article was published on February 14, 2013)
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