Jeera On NCDEX Settled Down By -2.27% At 17475

Jeera on NCDEX settled down by -2.27% at 17475 due to weak support from domestic traders as well as from exporters. Imposition of margin to check falling prices may have only temporary impact as export and domestic markets are not supporting the prices.

Jeera prices are likely to trade lower for the coming week following subdued demand at prevailing price and hopes of improvement in arrivals. Jeera exports are expected to touch 120,000 ton in the just ended financial year 2016-17. At Rajkot market in Rajkot(Guj.), estimated market supply was at 480 quintal, up by 180 quintal from previous dayn#39;s arrivals.

At Patan market in Patan(Guj.), total arrivals are at 33 quintals, lower by 3 quintals from previous trading day. Lower carryover stock coupled with higher export demand may push up jeera prices, as traders fear tight supply conditions in the coming months. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said. Sources estimate India’s jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimated.

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