Spot Jeera Rise Upto Rs 95/20Kgs in Rajkot This Week amid Robust Demand; Futures Cool Off on Profit Booking

Mumbai (Commodities Control) - Jeera Futures booked profit on Thursday to end over 2% lower as it settled sub-14,000 level touched in the previous session. The correction in the futures market came despite a firm price trend in the spot markets of Unjha and Rajkot.

Spot jeera prices have surged for the fourth consecutive session in Rajkot, as the spice upped Rs 25-35/20Kgs. In Rajkot itself, jeera rates have gained Rs 85-95/20Kgs so far in the ongoing week. Spot rates were steady at Unjha mandi today, after prices rose by Rs 25/20 Kgs at Unjha mandi amid strong festive demand and rising arrivals.

It is to be noted that Unjha mandi registered increased arrivals of 22,500 bags vs 21,000 bags in the last session. Arrivals in Unjha have nearly doubled in the last two trading sessions. Meanwhile Rajkot reported arrivals of 7,500 bags, unchanged from the last session.

Mumbai-based Jeera trader Pankaj Thakkar reveals, “ I have bought nearly 5-6 trucks of jeera, but the spice grade and size is weaker and smaller this year. I may have to sell at a loss but there’s definitely robust demand due to shortage of premium quality and festive demand as Ramadan falls a fortnight earlier than last year..”

Jeera futures for March contract settled sharply lower at Rs 13,805/Quintal, after two consecutive sessions of strong upside momentum until Wednesday. The front month contract ended Rs 305 lower today after day’s high of Rs 14,195. April futures contract closed at Rs 13,970 per Quintal, down 2%.

Despite the steep fall registered today, for the week the front month contract is still holding onto gains of Rs 300. Traders see steady demand from local stockists, spice millers and exporters. They also note that the overall demand scenario is good.