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Jeera may gain on hopes of export demand

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Lower demand in spot market pulled down jeera (cumin) prices, while profit-booking dragged the futures market.

A trader said that domestic demand has declined and exports are slow pulling down the price. According to analysts, jeera may trade stable to firm in the coming days on speculation that demand will likely rise from overseas buyers. There are reports of jeera output being lower in in Syria and Turkey, India’s main competitors in the global market. Fresh arrivals from Syria have commenced, while harvest in Turkey will commence shortly.

On the National Commodities and Derivatives Exchange, jeera July contracts declined by Rs 100 to Rs 13,465 a quintal with an open interest of 13,365 lots. August jeera declined by Rs 117.50 to Rs 13,885 with an open interest of 13,569 lots.

At the spot market in Unjha, jeera declined by Rs 25-30 and medium quality jeera was quoted at Rs 2,000-2,025 for a maund of 20 kg, NCDEX raw quality ruled at Rs 2,450-2,550. Arrivals stood at 10,000-11,000 bags and traded around 10,000-11,000 bags.

Raw jeera at Jodhpur in Rajasthan quoted at Rs 12,600-13,400 a quintal. Arrivals were reported around 300-350 bags.

Exports

According to the Spices Board, exports of Jeera during April 2011- January were higher at 34,500 tonnes compared with 22,450 tonnes in 2010-11, a 54 per cent rise. However, month-on-month exports of jeera declined 40 per cent.

(This article was published on June 21, 2012)
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