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Rising demand and lower arrivals pushed up jeera futures by Rs 150 a quintal on Thursday. August contract of jeera on the National Commodity and Derivatives Exchange (NCDEX) increased by Rs 140 to 16,090 a quintal, with an open interest of 14,475 lots. September contract gained Rs 151 at Rs 16,525, with an open interest of 17,724 lots.
Jeera traded at Rs 2,089-2,805 for a maund of 20 kg, up Rs 30, at the Agricultural Produce Marketing Committee (APMC) yard in Rajkot. It traded at Rs 1,555-3,185 for a maund at the APMC in Unjha.
Arrivals in Gujarat dropped to 4,000-5,000 bags from 6,000 yesterday.
Market experts believe the Gulf demand could shift to India ahead of Ramzan as the country had higher stocks of quality crop. Demand from the US and the European Union could also rise pushing up prices in the coming weeks.
Outputin Syria and Turkey is likely to be around 45,000 tonnes (around 30,000 tonnes in Syria and 15,000 tonnes in Turkey), down almost 10,000 tonnes from earlier projections because of inferior quality of crops in these countries.
The country's output, sources said, in the current season is likely to be around 21 lakh bags of 60 kg each against 28 lakh bags last year mainly because of sharply lower sowing acreage in Gujarat. While exports slumped by 46 per cent to 5,750 tonnes, their value dipped by 36 per cent to Rs 75.60 crore during April-June, 2011.
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