Jeera On NCDEX Settled Down By -0.3% At 18055

Jeera on NCDEX settled down by -0.3% at 18055 amid lower domestic and exports demand at the spot market. Furthermore, ample stocks position following higher supplies from major growing regions in Gujarat and Rajasthan too fuelled the downtrend. Steady supply in the major spot market Unjha has kept the markets on the lower side. Jeera exports are expected to touch 120,000 ton in the just ended financial year 2016-17. Sources estimate India’s jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimates put out by experts.

Even at the lower crop estimate, jeera exports are projected to range between 100,000-150,000 tonnes, for the year. Exports will happen in spite of higher prices because there is no supplier of jeera available globally. Syria has a significant share at 30,000-40,000 tonnes, while Turkey is very small at 10,000 tonnes. 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.

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