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Jeera futures increased further on Thursday on speculation that a lower crop in Turkey and Syria could lead to higher demand for the produce in the country. Amidst the increased demand, supply declined. Spot markets were closed due to Bharat Bandh.
The country's production is expected to be 28-30 lakh bags, translating to over 1.5 lakh tonnes.
According to Kedia Commodity report, futures trade higher as speculators enlarged their positions supported by rising demand in spot markets.
On the National Commodity and Derivatives Exchange (NCDEX), jeera June contracts increased by Rs 337.50 to Rs 13,042.50 a quintal with an open interest of 9,327 lots. July contracts moved up by Rs 350 to Rs 13,420 with an open interest of 15,498 lots. NCDEX accredited warehouses jeera stocks gained by 56 tonnes to 11,123 tonnes.
Total arrival of jeera decreased to 10,000 bags from 11,000 bags, while demand was seen at around 9,000 bags against 12,000 bags on Wednesday. Arrivals at Unjha fell to around 10,000-12,000 bags of 60 kg each from 15,000-17,000 bags that was seen daily at the start of this month.
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