Jeera futures up on spot demand, deficient rains

NEW DELHI: Jeera prices rose by Rs 75 to Rs 14,040 per quintal in futures trading today as participants created fresh positions on a rise in demand against restricted arrivals.

Deficient rains in key producing state of Gujarat also supported the uptrend.

At the National Commodity and Derivatives Exchange, jeera for delivery in August rose by Rs 75, or 0.54 per cent, to Rs 14,040 per quintal, with an open interest of 18,300 lots.

Similarly, the spice for delivery in the July moved up by Rs 52.50, or 0.39 per cent, to Rs 13,595 per quintal in 7,179 lots.

Analysts said fresh buying by speculators on pick up in demand in the spot market and reports of deficient monsoon in key producing regions led to a rise in jeera futures.