Jeera futures up as spot demand picks up, short-covering

Jeera prices recovered by Rs 132.50 to Rs 14,160 per quintal in futures trade today as participants covered-up their short positions driven by an improvement in spot demand.

However, higher supplies and sowing season weighed on the prices and limited gains.

At the National Commodity and Derivatives Exchange, jeera for delivery in December rose by Rs 132.50, or 0.94 per cent, to Rs 14,160 per quintal, with an open interest of 7,869 lots.

Similarly, the spice for delivery in March gained Rs 102.50, or 0.68 per cent, to Rs 15,100 per quintal, with an open interest of 11,613 lots.

Marketmen said covering-up of short positions by speculators following an improvement in demand in spot markets, supported the recovery in jeera futures after yesterday's losses.

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