Jeera Spikes Well Above 18K, Acreage Stays Lower In Gujarat

10 Jan 2022 , 01:14 PM

NCDEX Jeera futures continue to soar amid good buying interest as traders eye a tepid sowing progress in Gujarat. The sowing of Jeera started in a lethargic manner and failed to pick up. The latest data showed that acreage under Jeera in Gujarat- the leading producing states for the commodity stood at 3.07 lakh hectares as on 3rd December 2022. This showed a steep slide compared to around 4.6 lakh hectares in the same period last year. The current area is just around 70% of the normal area. The benchmark NCDEX Jeera futures for March 2022 have seen a good bounce in the current year amid these cues and the counter spiked after testing near Rs 16600 per quintal on 31 December 2021. The counter currently trades at Rs 18095 per quintal, up around 1% on the day. The open interest in the counter has nearly tripled in last two weeks, indicating good fresh buying interest in the counter.

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