Jeera futures gain 1.6% on spot demand

Jeera futures rose by Rs 258 to Rs 16,370 per quintal today, as speculators created fresh positions, driven by pick-up in spot market demand amid restricted arrivals from the producing regions.

At the National Commodity and Derivatives Exchange, February jeera rose by Rs 258, or 1.60%, to Rs 16,370 per quintal, with an open interest of 11,814 lots.

The January contract moved up by Rs 216, or 1.37%, to Rs 16,022 per quintal, with a business volume of 11,022 lots.

Analysts said fresh buying by speculators on pick-up in spot demand amid restricted arrivals from producing mainly pushed up jeera futures prices.