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Demand from local stockists pulled up jeera in spot and futures on Thursday. Expectation of demand from overseas buyers has been supporting prices for a few days now.
In Rajkot, jeera increased by Rs 40-50 for 20 kg. Best quality jeera traded at Rs 3,200-3,500, Europe quality at Rs 2,500-2,700 and lower quality at Rs 2,000-2,500 for 20 kg. About 1000 bags of jeera arrived in Rajkot.
In Unjha, jeera traded Rs 50-60 higher at Rs 1,600-3,550 for 20 kg. About 18,000-20,000 bags arrived in Unjha.
On the National Commodity and Derivatives Exchange, the March contract gained Rs 370 to Rs 16,160 a quintal, with an open interest of 2,649 lots. Jeera for April delivery increased by Rs 136 to Rs 16,440, with an open interest of 18,231 lots.
A Rajkot-based broker said, “Arrivals have decreased in the past few days, and demand is increasing, so prices is going up. It is likely to remain so in the coming days.”
There is a shortage of quality jeera, said traders. Few bags of good quality have arrived.
Production of jeera in Gujarat and Rajasthan in 2011 is expected to be around 21 lakh bags (of 55 kg each) and 3-4 lakh bags, as compared to 25 lakh bags and 7-8 lakh bags in 2010.
However, the figures are likely to be revised on account of bad weather in Rajasthan and Gujarat in January and February.
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