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As sowing process has increased with favorable weather, jeera futures has increased by 1.61 per cent. However spot price ruled unchanged with sustainable demand.
On National Commodity and Derivatives Exchange (NCDEX), jeera January contract was increased Rs.233 to Rs.14670 per quintal, with an open interest of 13122 lots. NCDEX February contract was gained Rs.234 to Rs.14984, with an open interest of 10494 lots.
As per Angel Commodities report, Prices are expected to trade up in the intraday owing to reports of fresh enquiries from the overseas buyers and demand from local stockiest.
According to Gujarat farm ministry, area sown under jeera till December 19, 2011 stood at 2.64 lakh hectares up 20% as compared to last year. Carryover stocks of jeera is expected to be around 9-10 lakh bags as compared with 4-5 lakh bags in last year.
In Unjha, cumin seed rough quality was offered at Rs.1500-1600 per 20 kg, foreign quality at Rs.2500-2600, NCDEX quality at Rs.2730-2820 per 20 kg. Arrival stood at 2,000-2,500 bags and 4000 bags were traded. At Rajkot APMC jeera was traded between Rs.1950 to Rs.2651 per 20 kg.
In the international market, Syrian and Turkey cumin seed were offered at $ 3,300 and $2,900 per tonne (fob) respectively while Indian cumin seed was quoted at $2,900 per tonne (cnf) Singapore.
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