Jeera futures surge on tight supply, lower sowing

Jeera futures prices gained Rs 69 to Rs 14,501 per quintal today after speculators magnified their positions, supported by poor supplies and lower sowing in Gujarat due to unseasonal rains.

However, subdued export demand weighed on prices.

At the National Commodity and Derivatives Exchange counter, jeera for February delivery gained Rs 69, or 0.48 per cent, to Rs 14,501 per quintal, with an open interest of 12,540 lots.

Similarly, the spice for delivery in January rose by Rs 55, or 0.39 per cent, to Rs 14,187 per quintal, with a business turnover of 12,174 lots.