Spot Jeera Prices Head Higher amid Robust Stockists Demand; Futures End Higher for Third Straight Session

Mumbai (Commodities Control) - Spot jeera Futures heads past Rs 14,000/Quintals levels on Wednesday tracking firmness in spot markets. Spot jeera prices have surged for the third consecutive session in Rajkot, as the spice upped Rs 25/20Kgs. In Rajkot itself, jeera rates gained Rs 60/20Kgs until Wednesday so far. Spot rates rose by Rs 25/20 Kgs at Unjha mandi as well amid strong demand and increasing arrivals.

It is to be noted that Unjha mandi registered increased arrivals of 21,000 bags vs 12,500 bags in the last session, while Rajkot reported arrivals of 7,500 bags vs 7,000 bags in the last session.

Spice traders reveal that festive demand is keenly watched, as farm arrivals have started to pick pace and the market awaits better quality spice with reduced moisture content.

Jeera futures settled sharply higher for the second consecutive session on Wednesday, as the March contract on NCDEX touched day’s high of Rs 14,100, while the last traded price was quoted Rs 14,080 at around 4.45 pm today. April futures is trading near Rs 14,250 per Quintal. During the week so far the front month contract has already upped over Rs 600 in the first three days of the week. Traders attribute this rise to steady demand from local stockists.

Traders note that the overall demand scenario is good. The export demand will likely be decent though the recent spurt in Indian Rupee to one year high against the US dollar could weigh in near term.