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Buoyed by lower arrivals and export demand, jeera prices continued to zoom north.
October futures settled at Rs 16,622 a quintal on Wednesday on the NCDEX. The spice gained on short covering after prices dropped in view of improved supplies in the domestic market.
Farmers brought more jeera to the market fearing a drop in price.
September contracts gained by Rs 477 and settled at Rs 16,250, while August contracts gained Rs 455 at Rs 15,805.
The monsoon is also playing a role in the price movement of the spice. Gujarat, the country's top jeera producer, has received scanty rain so far. Arrivals decreased to 8,000 bags from 11,000 bags, while demand was seen for around 7,000 bags against 10,000 bags.
Jeera prices have gained both in futures and spot due to concerns over a low crop in Syria, the world's top producer of jeera. Traders expect large export orders may be diverted to India from the international markets due to the supply squeeze in Syria.
In the spot market at Unjha,Gujarat, jeera was traded at Rs 16,150.
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