Jeera futures extend gains on weak supply

Supported by weak supplies and depleting stocks in the spot market, jeera continued its rise and traded 2.37 per cent higher at Rs 17,355 per quintal in futures trade today.

Firming trend at the producing regions also supported the upside in jeera futures prices.   

At the National Commodity and Derivatives Exchange, jeera prices for April delivery shot up by Rs 401, or 2.37 per cent, to Rs 17,355 per quintal, clocking an open interest of 15,600 lots.

Similarly, the spice for delivery in March also climbed up Rs 354, or 2.14 per cent, to Rs 16,860 per quintal, with an open interest of 13,302 lots.

Market analysts attributed the rise in jeera prices at futures trade to poor supplies as farmers are holding back their produce on expectations of further rise in prices and firming trend at producing belts.

Meanwhile, at Unjha spot market, jeera prices jumped Rs 471 to Rs 16,003 per quintal in the previous session.