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Jeera crackles on weak overseas demand

Our Correspondent
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On the back of weak overseas demand and below normal domestic buying, jeera was traded flat in spot on Thursday, while a mixed trend prevailed in the futures market.

New jeera medium quoted at Rs 2,220-2,320 for 20 kg; NCDEX quality raw quoted at Rs 2,525-2,625 at Unjha market of Gujarat.

At Unjha market, jeera arrival stood at 3,000 bags and traded around 4,000-5,000. New jeera arrival stood at 300 bags and offered at Rs 2,800.

On the National Commodity and Derivatives Exchange (NCDEX), jeera for March contract marginally increased by Rs 7.50 to Rs 13,495 a quintal, with an open interest of 10,563 lots.

NCDEX April jeera contract decreased Rs 45 to Rs 13,550 with an open interest of 6,726 lots.

exports

According to jeera traders, enquires from exporters are few but local demand is sluggish due to prospects of higher output.

Jeera price may decline with the arrival of the new crop in the local market and expectations of higher output.

This year, India’s jeera production is estimated around 36-38 lakh bags.

Jeera acreage in Gujarat is reported to be around 3.35 lakh hectares, according to the data released by the Gujarat Agriculture Department.

(This article was published on February 7, 2013)
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