Jeera On NCDEX Settled Up By 1.83% At 18605

Jeera on NCDEX settled up by 1.83% at 18605 as there is expectation of good physical and exports demand. Lower stocks in the production centers due to declined production and low carryover stocks also supported prices. However, good monsoon forecasts this year and current limited demand scenario in the market limited the upside. 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. 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. Syria has a significant share at 30,000-40,000 tonnes, while Turkey is very small at 10,000 tonnes.

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