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Jeera futures rose by more than Rs 100 a quintal on short-covering, bargain-hunting by traders at lower levels and lower arrivals at major mandis However, spot jeera remained weak.
At the spot market in Rajkot, jeera traded lower by Rs 25-25 for 20 kg. Inferior quality was quoted at Rs 1,800-2,200, medium at Rs 2,200-2,600, and best quality at Rs 2,700-2,800 for 20 kg. Eight hundred bags arrived in Rajkot. At Unjha agricultural produce market committee yard, jeera was traded at Rs 1,700-3,601 for 20 kg.
On the National Commodity and Derivatives Exchange, June contract increased by Rs 89 to Rs 14,641 a quintal, with an open interest of 14,487 lots. July contract went up by Rs 109 to Rs 15,107 a quintal, with an open interest of 19,209 lots. NCDEX futures gained almost Rs 200 a quintal from its intra-day lows.
According to market sources, arrivals of jeera in major mandis were hovering at 12,000-13,000 bags on Thursday, against 16,000 bags on Wednesday due to restricted selling by traders at lower levels. Stocks on NCDEX-accredited warehouses rose 21 tonnes to 13,792 tonnes.
New crop arrivals from other major producers such as Syria and Turkey are slated to start from May-end or June. These countries are reported to have low carry-over stocks and are awaiting new crop arrivals.
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