Jeera gains 0.69% on tight supply

Speculators enlarge positions on back of rise in demand in spot market against lower arrivals from producing belts

Jeera prices rose by 0.69% to Rs 15,275 per quintal in futures trade today as speculators enlarged positions, driven by a firm spot markets trend on pick up in demand against tight supplies.

At the National Commodity and Derivatives Exchange, jeera for delivery in December rose by Rs 105, or 0.69%, to Rs 15,275 per quintal, with an open interest of 17,949 lots.

Similarly, the spice for delivery in March gained Rs 87.50, or 0.55%, to Rs 15,925 per quintal, with an open interest of 3,450 lots.

Marketmen said increased buying by speculators on the back of a rise in demand in the spot market against restricted arrivals from producing belts mainly influenced jeera futures.