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Jeera futures increased on the back of rising demand in the spot market. Prices in the spot market were almost flat, though.
According to traders, fresh seasonal demand in the retail market and rising domestic and export enquiries in the spot market boosted jeera prices. Traders are hoping that exports of the commodity will rise in the coming months amidst reports of lower production in Turkey and Syria.
On National Commodity and Derivatives Exchange (NCDEX), jeera May contract increased by ₹35 to ₹10,010 aquintal, with an open interest of 9,864 lots. NCDEX June contract gained ₹40 at ₹10,140, with an open interest of 3,540 lots.
Analysts said speculators enlarged positions supported by rising domestic and export demand in the spot market, keeping jeera prices up for the second day in the futures market.
At Rajkot APMC, about 2,200 bags of jeera arrived and were quoted at ₹1,650-1,800 for a maund of 20 kg.
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