Jeera On NCDEX Settled Down By -0.85% At 18110

Jeera on NCDEX settled down by -0.85% at 18110 as export and local demand is likely to poor despite of arrivals are lower than last year. Prices also remained under pressure following subdued demand at prevailing price levels and expected improvement in arrivals. 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.

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