Jeera Futures Gain On Tuesday

Jeera futures gain on Tuesday due to continued physical demand.. The arrivals may slow down as monsoon hit most parts of Gujarat. The NCDEX Jul’16 Jeera contract closed 0.40% higher to close at Rs 17,590 per quintal.

 According to Dept of Commerce data, the exports of Jeera in the first month of 2016-17 increased by more than 50.7 % at 13, 525 tonnes compared to last year same month. Moreover, export of jeera during 2015-16 is 93,078 tonnes compared to 1.56 lt exported last year same period. Devaluation of currencies in the buying countries and appreciation of Indian currency combined with high prices have led to a steep decline in jeera exports in 2015-16. As per third advance estimate of Gujarat State for 2015-16, production is pegged at 2.13 lt higher by about 7% forecasted in revised fourth advance estimate of 1.97 lt. In 2013-14, production was 3.46 lt.

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