Futures Closed Higher On Wednesday

Futures closed higher on Wednesday due to anticipation of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage and adverse weather conditions. The prices have been in uptrend recently due to good demand in the physical market coupled with tight supplies with the stockists. Export enquiries from China are keeping the prices higher. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lakh tonnes, down almost 11% compared to last year production of 2.38 lt. Moreover, Jeera acreage this season is also down in Gujarat compared to last year. As on 16-Jan-17, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 13,700 hectares compared to last year acreage of 2,92,400 hectares till same period.

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