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Lower-than-expected arrivals at the market lifted jeera prices on Thursday.
After opening low in futures market on the National Commodity and Derivatives Exchange (NCDEX), the jeera March contract increased by Rs 234 or 1.38 per cent to Rs 17,180 a quintal, with an open interest of 11,880 lots.
Jeera for April delivery dropped by Rs 226 to Rs 17,623 with an open interest of 16047 lots.
Correction seen
“Today market rose as supplies from the fresh crop were very thin because of delayed sowing. But in the coming days, market will see some correction on increasing fresh supply. Also, weak export demand supports the downside,” said Mr Ajay Kedia of Kedia Commodity from Mumbai.
Total fresh arrivals of around 10,000 bags were reported at Unjha Mandi against 7,000 bags the previous day. Prices increased by Rs 55 to Rs 2,260-3,530 for 20 kg.
Traders project total jeera production of 2010-11 at around 21 lakh bags against 29 lakh bags reported last year.
According to Angel Commodities, rains in Rajasthan and hail storms are also supporting jeera prices. Rains and ground frost might cause damage to the standing crop thereby impacting the yield.
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