Jeera gains 1.53% on low sowing

Speculators build-up positions, triggered by reports that slow progress of monsoon may hit sowing operations and crop output

Jeera prices rose by Rs 232.50 to Rs 15,450 per quintal in futures trade today as speculators built-up positions, triggered by reports that slow progress of the monsoon may hit sowing operations and crop output.

At the National Commodity and Derivatives Exchange, the July contract for jeera surged by Rs 232.50, or 1.53%, to Rs 15,450 per quintal, with an open interest of 84 lots.

The August contract jumped up by Rs 187.50, or 1.20%, to Rs 15,817.50 per quintal, with an open interest of 17,700 lots.

Marketmen said besides pick up in spot market demand, slow progress of the monsoon, which could hit sowing operations and crop output also influenced jeera prices at futures trade.