Jeera futures surge on tight supply

Jeera futures prices surged by Rs 478 to Rs 15,488 per quintal today, as speculators enlarged their positions, supported by pick up in demand.

Restricted arrivals in the physical market also influenced the trading sentiment.

At the National Commodity and Derivatives Exchange counter, jeera for January delivery surged by Rs 478, or 3.18 per cent to Rs 15,488 per quintal, with an open interest of 11,706 lots.

Similarly, the spice for delivery in December contract jumped up by Rs 449, or 3.05 per cent to Rs 15,176 per quintal in 12,063 lots.

Analysts said rising demand in the spot market led to rise in jeera futures prices.

Unseasonal rains and cloudy weather in key growing areas delayed jeera sowing, also pushing up prices, they said.