Jeera On NCDEX Settled Down -1.29% At 19115

Jeera on NCDEX settled down -1.29% at 19115 on profit booking after prices gained on a lower output forecast and strong demand from overseas buyers. Furthermore, ample stocks position following higher supplies from the producing belt too fuelled the downtrend. A recent assessment by the Federation of Indian Spices Stakeholders in Udaipur, Rajasthan, has forecast India’s cumin seed production at 5.83 million bags of 40 kg each (233,280 tonnes) this year against 4.20 million bags of 40 kg each (168,320 tonnes) last year. The latest spell of rainfall last week is estimated to have spoiled 30 per cent of the standing crop. Production estimates for 2016-17 are lower due to a decline in the jeera acreage in Gujarat. The Centre pegs production of jeera in the state at 221,000 tonnes, down 11 per cent from last year’s output of 238,000 tonnes. The output is far lower than the normal of 346,000 tonnes in Gujarat in 2013-14.

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