Cumin seed (jeera) hit the upper circuit on the NCDEX on Thursday, with the price for the near-month contract closing at Rs 9,850 a quintal against the Wednesday's close of Rs 9,517 a quintal. | |
| The commodity for March, April and May deliveries also witnessed a similar momentum, with prices settling at Rs 10,051, Rs 10,266 and Rs 10,458 a quintal against Rs 9,685, Rs 9,862.70 and Rs 10,115 a quintal, respectively, on Wednesday. |
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| On the MCX too, the prices remained firm at Rs 8,712 a quintal and Rs 8,897 a quintal for March and April deliveries, respectively, showing a gain of 2.44 per cent and 2.96 per cent, respectively. |
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| The spot market has been witnessing a gain for quite some time now with the prices rising by Rs 10 a kg in the last one month. Good quality jeera of the new crop is ruling at Rs 115 a kg, while the medium quality is sold at Rs 105 a kg. The prices of carry-over stocks are slightly lower at Rs 110 a kg (good quality) and Rs 95 a kg (medium quality) in Unjha. |
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| According to Mahendra Shah, partner of Narottamdas Harilaldas, a noted jeera trader in Mumbai, the spot market started picking up late afternoon when the news of showers spread like a wildfire in mandis. The price rise was also abundantly supported by the upward momentum in the derivatives market, he added. |
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| Arrivals were short at 4,500 bags (55 kg each) as against the normal way-in at 10,000 bags, which have been attributed to crop losses in Rajasthan in the aftermath of unseasonal rains coupled with crop losses in Saurashtra, the major cumin seed producing region in the country. |
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