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Jeera futures rose despite higher arrivals on quality concerns. However, spot price remained unchanged.
Jeera April contract on the National Commodity and Derivatives Exchange increased by Rs 27 to Rs 15,771 a quintal, with an open interest of 15,834 lots. Jeera May contract gained Rs 15 to Rs 16,130, with an open interest of 11,736 lots. At the Unjha mandi , jeera traded at Rs 1,820-3,540 for 20 kg. Fresh arrivals were reported at nearly 24,000 bags, compared to 18,000 bags the previous day.
A Rajkot-based trader said, “Quality of jeera is not good. Few bags of good quality jeera arrived in the market, pushing the price up.”
According to trade sources, there is a shortage of quality jeera, and arrivals were likely to decrease in the coming days. According to the latest projection by trade sources, the production of jeera in the current season is likely to be around 21 lakh bags (of 60 kg each), three lakh less than the earlier projection.
Production last year was reported at 29 lakh bags. Overseas demand is expected to increase because of tight supplies in the international market since arrivals from other major producers, like Syria and Turkey, will arrive only from April.
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