Jeera rose on buying support from Bangladesh and South India on Thursday. On the back of strong spot market, futures also gained 4 per cent.
On the National Commodity and Derivatives Exchange (NCDEX), the August contract increased by Rs 627.50 to Rs 16,270 a quintal with an open interest of 17,616 lots and the September contract traded higher by Rs 642.50 to Rs 16,677.50 with an open interest of 13,530 lots. Stocks in NCDEX-accredited warehouses gained 255 tonnes to 9,304 tonnes.
In the spot market in Unjha, jeera gained Rs 40-45 to Rs 2,380-2,500 for 20 kg, while NCDEX quality (raw) quoted at Rs 2,725-2,875. While 12,000-13,000 bags arrived, around 15,000 bags were traded.
An Unjha-based jeera trader said, “Sentiments are firm because of export demand and poor rains in Gujarat. Prices are expected to stay firm.”
According to a commodity analyst, local demand is strong and is likely to stay firm in the coming months due to upcoming festivals. Weak monsoon, which could hit sowing operations and crop output, also influenced prices.