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Higher output hopes, weak exports pound jeera

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Jeera price declined in spot as demand from stockists and export front was low. Jeera futures also traded down as speculators trimmed positions, driven by expectations of higher output this year due to favourable weather conditions in producing States.

On the National Commodity and Derivatives (NCDEX), jeera March contracts declined Rs 267.50 to Rs 14,380 a quintal with an open interest of 14,280 lots while April contracts dropped by Rs 292.50 to Rs 14,400 with an open interest of 3,882 lots.

In the spot market, jeera price was down by Rs 25-30 and medium quoted at Rs 2,300-2,400 for 20 kg, NCDEX quality raw quoted at Rs 2,610-2,710 at Unjha market of Gujarat. At Unjha market, jeera arrival stood at 3,000 bags.

Analysts said that offloading of positions by speculators on expectations of higher output this year due to favourable weather conditions in producing States mainly put pressure on jeera futures.

Total production of the spice current year is estimated at 34-35 lakh bags against 32-33 lakh bags last year . This is mainly on the account of strong production estimates in Gujarat. The total carryover stock was estimated at around 8-9 lakh bags, unchanged from last year.

(This article was published on January 3, 2013)
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