MUMBAI (Commodity Online):Jeera futures in India’s National Commodity and Derivatives Exchange (NCDEX) gained Friday as traders created fresh positions on the back of rising spot demand ahead of the festive seasons.
Lower stocks were reported in Gujrat mandi during the current period. Around 10 lakh bags stocks were reported in all over India.
In NCDEX Jeera November contract is trading in the afternoon session at Rs.14140 per quintal, up by 1.85% and open interest of the same stood at 19947 lots for the time being.
Higher prices are likely to attract farmers to expand the area under Jeera cultivation. Demand from local and overseas buyers has slowed down but could pick up in the coming days ahead of local festivals.
In the international market, Indian cumin seed one percent quoted at USD 2600 per ton (cnf) Singapore. Both Syria and Turkey have stopped shipments.