Jeera On NCDEX Settled Down By -1.57% At 18460

Jeera on NCDEX settled down by -1.57% at 18460 on reports of weak physical demand at the spot market. Though, some losses were capped as the jeera arrival is lower this year compared to last year. Moreover, exports demand is increasing while the stocks in the Exchange warehouse are diminishing. The jeera arrival in May is lower this year compared to last year. As per data, about 10,688 tonnes of jeera arrived in May 2017 compared to 14,302 May last year.

On the export front, country the exports increase by 26% to 1.24 lt in 2016/17 as per the data release by Dept. of commerce, GOI. The stock levels in the NCDEX warehouse were 1,238 tonnes which has been constant in June. Last year, stocks were higher at 3,500 tonnes. Sources estimate India’s jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimated.

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. At Rajkot market in Rajkot(Guj.), estimated market supply was at 330 quintal, down by 240 quintal as against previous day. At Patan market in Patan(Guj.), arrivals were reported at 3 quintals, down by 9 quintals as compared to previous day.

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