Jeera March future Closed Higher

Jeera March future closed higher on Thursday on expectation of increase in export demand. Market participants continue to short sell and rolling over their positions to April contracts. The arrivals of jeera in Gujarat are improving so as the demand. As per Agmarknet data, 6,411 tonnes of jeera arrived during Feb 27- Mar 2 compared to 4,611 tonnes in the previous week.

On the export front, Jeera exports from country increase by 26.9% to 1.33 lt for the calendar year 2016 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. 

In the current rabi season, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,700 hectares compared to last year acreage of 2,95,400 hectares till same period. NCDEX Turmeric closed higher on Thursday and continues to trade range bound. The arrivals of the new season turmeric in recent weeks have improved. 

The turmeric arrivals in the country increase to 42,993 tonnes during Feb 27- Mar 2 compared to 28,342 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes, up by 28% during April-Dec period compared to last year exports of 64,105 tonnes, as per government data.

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