Jeera, maize rally on NCDEX

Jeera and maize futures rallied on the National Commodity and Derivatives Exchange (NCDEX) on Thursday. Market sources and commodity analysts said the rally would sustain and prices could go further up in a week's time.

The near-month contract of jeera, which remained dull in the last few trading sessions of the last year, closed at Rs 11,036 a quintal against the previous close of Rs 10,670 a quintal, up 3.43 per cent.

This was mainly on the back of higher overseas demand and reports suggesting slow growth of the crop. Market sources said that even after 60 days of sowing, the crop has shown a growth of only 20-25 days. This could affect output. According to sources, next week could see jeera futures rising up to Rs 11,500 a quintal.

Maize, meanwhile, hit the upper circuit on the exchange, closing at Rs 776 a quintal against the previous close of Rs 746 a quintal, up 4 per cent.

Commodity analysts said the immediate trigger for the rally was crude oil prices, which touched $100 a barrel.