Agri Business

Jeera rises on weather concerns

Our Correspondent Rajkot | Updated on February 10, 2011

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On reports of bad weather at jeera growing areas, prices of jeera continued to rise, on Thursday.

At the National Commodity and Derivatives Exchange (NCDEX), jeera for March Delivery increased by Rs 179 or 1.14 per cent, to Rs 15,940 a quintal, with an open interest of 17,172 lots. Jeera April contract gained by Rs 193 to Rs 16,410 a quintal, with an open interest of 9,882 lots. Jeera was traded at Rs 2,155-2,925 for 20 kg at the Unjha APMC spot market.

Report said that jeera prices in intra-day may trade sideways to up, owing to forecast of rains in Rajasthan and reports of dew in Gujarat, which might damage the standing crop. This will support prices to strengthen in the short-term.

Mr Ajay Kumar Kedia of Kedia Commodity said, “Anticipation of demand from the US and European countries is likely to shift towards India in the coming weeks, due to low stocks in the international markets; this further contributed to the uptrend. Fresh arrivals of new jeera crop have been delayed by almost 25-30 days so far in the current season, due to the erratic monsoon in Gujarat.”

Export of cumin from India in April-December 2010 plunged 37 per cent to 24,250 tonnes, compared with 38,300 tonnes last year.

Published on February 10, 2011

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