Jeera (Cumin) Creeps Higher on Strong Demand

MUMBAI (Commodity Online): Jeera futures gained for the third consecutive trading session Lead by strong demand against the reduced arrivals. Arrivals in the domestic market have started to decline gradually due to ending season.

As per market sources, the total production of jeera in the current season is likely to be around 21 lakh bags (1 bag = 60 kgs) against 28 lakh bags reported last year. This was mainly due to sharp decline in sowing acreage of jeera crop in Gujarat.

The NCDEX Jeera for the July delivery surged by further by Rs 113 or 0.77% to the session high of Rs 14740 per 100 kg. The counter is currently trading higher at Rs 14820 and the open interest dipped to 12453 tonnes. The contract surged by Rs 600 per 100 kg in the last three trading session.

The spot market reported 10,000 bags arrivals while the demand is estimated for nearly 18,000 bags today. The prices quoted in the range of Rs 13200-13750 and the best quality quoted at Rs 15500 per 100 kg,

As per the latest release from the Spices Board of India, during April-March 2010-11, Jeera exports dropped by 35% to 49,250 tonnes.

 

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