Jeera prices rise 1.2% on strong demand

Increased supplies stem growth

Jeera prices rose by Rs 200 to Rs 16,420 per quintal in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on strong demand. However, pick-up in supplies in the spot market restricted the gain.

At the National Commodity and Derivatives Exchange, jeera for delivery in September rose by Rs 200, or 1.23%, to Rs 16,420 per quintal with an open interest of 15,000 lots.

The August contract gained Rs 192.50, or 1.22%, to Rs 15,997.50 per quintal in 16,125 lots.

Market analysts said despite the fresh positions created by speculators on the back of strong demand in the spot market, increased supplies restricted the gains.