Jeera futures marginally up on lower sowing

Buoyed by poor supplies and lower sowing in Gujarat, jeera futures traded Rs 25 higher at Rs 14,125 per quintal today, as speculators created positions even as export and spot demand remained weak.

At the National Commodity and Derivatives Exchange counter, jeera for delivery in February-month contract gained Rs 25, or 0.18 per cent, to Rs 14,125 per quintal, with an open interest of 12,762 lots.

Similarly, the spice for delivery in January contract grew by Rs 23, or 0.17 per cent to Rs 13,834 per quintal, with a business turnover of 11,850 lots.

Analysts said fresh positions created by speculators, driven by reports of lower sowing in Gujarat, the biggest producer of spice, due to unseasonal rains influenced jeera prices at futures trade.

They said, however, weak exports and spot demand, restricted gains.