Commodities

Jeera gains on stockists purchase

Our Correspondent Rajkot | Updated on November 08, 2012 Published on November 08, 2012

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Jeera prices improved on increasing export demand in spot. Besides, festival demand also aided the rise in the price.

In the futures market, jeera gained as speculators created fresh positions, driven by a pick-up in spot demand.

Market analysts said fresh buying by traders on the back of a pick up in demand in the spot market pushed up prices in the futures market. A Rajkot-based jeera trader said: “With export, domestic demand is also improving due to festivals. Moreover, markets will be closed for a week for Diwali and that’s why stockists are buying. Meanwhile, demand from Bangladesh is continued”. Jeera traded higher by Rs 25-30 a quintal at Rs 2,375-2,475 for 20 kg. NCDEX quality raw quoted at Rs 2,665-2,775 at Unjha market of Gujarat. Arrivals stood at 6,000-7,000 bags and traded around 9,000-10,000 bags.

On the National Commodity and Derivatives Exchange, jeera December contract moved up by Rs 25 to Rs 14,930 a quintal with an open interest of 18,981 lots.

NCDEX January contract gained Rs 65 to Rs 15,355 with an open interest of 2,565 lots. NCDEX-accredited warehouses jeera stocks were up by 89 tonnes to 9,665 tonnes.

The total jeera stocks are currently estimated around five lakh bags, down almost three lakh bags from last year.

On the demand side, export demand remained strong in local mandies due to weak supplies from Syria and Turkey.

Published on November 08, 2012
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