Jeera On NCDEX Settled Up By 0.8% At 15680

Jeera on NCDEX settled up by 0.8% at 15680 on short covering after prices dropped on higher supply in local mandis. Prices also seen limited on expectation of healthy domestic demand coupled with strong export demand owing to lack of supplies from other nations. However good arrivals of new crop at the spot markets amid overall higher crop prospects in the current season owing to increased acreage limited the upside.

Daily arrivals hovered around 30,000 bags (each of 55 kg), as against the expectation of 50,000 bags considering the bumper crop. Traders maintained that with arrivals dropping and export enquiries increasing, prices are firming up. Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around June-July.

Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently. Jeera output is expected to be bumper and supplies are likely to increase in the coming days. The Federation of Indian Spices Stakeholders (FISS) - projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather.

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