Jeera up 5.9% on export demand

Spice for delivery in February traded higher by 5.74%

Continuing its rising streak, jeera prices spurted by another Rs 910, or 5.97% to Rs 16,140 per quintal in futures trade today as speculators indulged in creating fresh positions amidst lower output reports.

Besides, domestic and exports demand in the spot market influenced jeera prices.

At the National Commodity and Derivatives Exchange, jeera for delivery in January shot up Rs 910, or 5.97%, to Rs 16,140 per quintal with an open interest of 765 lots.

Likewise, the spice for delivery in February traded higher by Rs 895, or 5.74%, to Rs 16,485 per quintal in 14,472 lots.

Analysts said huge positions created by speculators after pick up in domestic as well as export demand in the spot market and lower production estimates, mainly led to rise in jeera prices at futures trade.
 
Covering-up of short positions by speculators also supported the upside, they said.