Futures Closed Higher On Tuesday

Futures closed higher on Tuesday on anticipation of higher demand for the new season jeera crop. There is a forecast of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage. New jeera crop started arriving in the key spot market of Unjha in Gujarat this week. 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 23-Jan-17, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,500 hectares compared to last year acreage of 2,95,200 hectares till same period.

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