Jeera, pepper open limit hiked

Mumbai: National Commodities and Derivatives Exchange of India (NCDEX) and Multi Commodity Exchange of India (MCX) have improved the open position limit of jeera and pepper futures contract from July 23. The open interest for jeera has been improved from 120 tonnes to 200 tonnes for members and for clients, it has increaded from 40 tonnes to 70 tonnes. For pepper, it has been raised from 300 tonnes to 500 tonnes for members and from 100 tonnes to 170 tonnes for clients. The committee members argued that restrictive position limits resulted in lower deliveries thereby leaving the market exposed to price volatility. In the long-term prices are set to increase as the production this year expected to fall. Jeera for August delivery on NCDEX gained Rs 10 per tonne to Rs 12,519 and the September contract was up by Rs 36 per tonne to Rs 12,710.