Jeera On NCDEX Settled Up By 3.41% At 17755

Jeera on NCDEX settled up by 3.41% at 17755 on anticipation of rising export demand in coming months. Prices also seen supported due to falling arrivals in the face of increased stockiest buying. After suffering a setback during the last fiscal, jeera exports have picked in the last 3-4 months with emergence of demand from China. There are also reports that Bangladesh has removed jeera import duty. Supplies from the other two major producers and exporters- Syria and Turkey- are stated to be poor.

Reduced stock for domestic consumption coupled with strong export outlook for 2016-17 has pushed jeera prices up in the domestic market. In the first three months, around 45,000 tonnes of the spice has been exported. Exports will continue till the next sowing in October-November. Total exports will cross 100,000 tonnes this year with China being a major buyer at around 35,000 tonnes. Last year, India exported 1,55,000 tonnes. Notably, the country’s jeera exports have been on a decline since 2013-14 from 1,60,000 tonnes reported that year.

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