Jeera spikes around 2%, spot prices zoom higher

NCDEX Jeera futures soared today as activity was hectic and spot prices soared ahead of surge in festive wholesale demand. IMD has forecast dry weather across leading producing state of Gujarat for the next seven days. There are worries over the coming harvest given the recent lack of rainfall and NCDEX Jeera futures for Oct-26 are trading at Rs 25215 per quintal, up around 2% on the day. Futures have zoomed around 15% in last two-weeks. Spot prices are currently at Rs 24550 per quintal, rising on a continued basis after starting the month around Rs 22300 per quintal.

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