Jeera April Future Closed Higher Last Week

Jeera April future closed higher last week by about 6.30% on good physical and export demand coupled with lower supplies. The arrivals have declined last week in the physical market. As per Agmarknet data, during Mar 20-25 about 10,867 tonnes of jeera arrived compared to 12,331 tonnes during previous week same period. Market participants are expecting good exports demand in coming months. On the export front, India in 2016-17 is likely to cross 1.2 lt against 94,352 tonnes a year ago while the exports increase by 36.7% to 93,724 tonnes in first 9 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt.

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