MUMBAI (Commodity Online): Jeera futures in NCDEX rose Monday on extended buying by the traders due to firm spot demand ahead of festive seasons along with thin supply in the local markets.
In NCDEX Jeera November contract traded in the afternoon session at Rs.15335 per quintal, up by 2.64% and open interest of the same stood at 15927 lots for the time being.
Expectations of better export figures have also supported the prices. However, reports of higher carryover stocks as compared to last year restricted sharp gains in the spot markets.
According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Around 10 lakh bags of Jeera are reported across India. Supply concerns from Syria and Turkey still exists. Expectations are that export orders may still be diverted to India from the international markets due to lack of supplies from Syria on back of the ongoing civil war.