On NCDEX Settled Down -0.28% At 18120

On NCDEX settled down -0.28% at 18120 on late selling after prices earlier gains on a lower output forecast and strong demand from overseas buyers. Exporters are likely to fetch better realisation due to the quality of the jeera crop. 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. Acreage has fallen to 279,000 hectares this year from 286,000 hectares earlier.

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