Jeera up on tight supply, exports demand

Jeera futures today rose by Rs 61, or 0.45 per cent, to Rs 13,505 per 100 kg, as speculators enlarged positions, driven by tight supplies from producing areas.

However, on expectations of higher sowing in the upcoming season due to good monsoon rains weighed on the trading sentiment.

At the National Commodity and Derivatives Exchange (NCDEX) counter, jeera contract for November delivery traded higher by Rs 61, or 0.45 per cent, to Rs 13,505 per 100 kg, with an open interest of 11,322 lots.

In a similar fashion, the October contract moved up by Rs 56, or 0.42 per cent, to Rs 13,475 per 100 kg, with an open interest of 12,591 lots.

Analysts said tight stocks in the spot markets following poor supplies, mainly led to a rise in jeera futures but hopes of higher sowing following good monsoon rains restricted gains.