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Jeera price on Thursday increased on value-buying, supported by a delay in arrival of new crop and depleting stocks . However, weak export demand capped gains.
On the National Commodity and Derivatives Exchange (NCDEX), jeera for March delivery increased Rs 46 to Rs 15,150 a quintal with an open interest of 16,800 lots. Jeera for February increased by Rs 57 to Rs 14,755 with an open interest of 8,037 lots.
Jeera traded at Rs 2,250-2,821 for 20 kg at the Unja APMC spot market. “Movement in jeera is likely to be range-bound. Any sharp movement is unlikely because poor export demand is expected to weigh on sentiment after every rise,” said Mr Ajay Kedia of Kedia Commodity from Mumbai.
Production of jeera in 2011 is expected to be the same as that of the previous year at around 25 lakh bags (of 55 kg each). Fresh arrival of 20-22 bags from Saurashtra was reported on Tuesday
Favourable weather conditions in the month of December and beginning of January this year led to improvement in jeera acreage in Gujarat. According to the deputy director of the State Farm Department, Gujarat, jeera acreage as on January 10 stood at 2,44,600 hectares, marginally higher than 2,42,700 hectares last year. Export of cumin from India in April-December 2010 plunged to 24,250 tonnes, compared with 38,300 tonnes the previous year.
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