MUMBAI (Commodity Online): Moderately weak sentiments prevailed for Jeera in the mandis as higher arrivals of new crop took place amidst weak demand. Low export demand and an expected rise in production have been keeping sentiments weak for Jeera. There have been reports of cloudy weather in the growing areas in Gujarat. Any rains may have temporary bullish impact on the prices and may affect the arrivals in the mandis.
Some export demands from Bangladesh and Nepal have been reported.
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Spices have shown huge corrections over last few months and there are expectations of exports too rising at these supposedly low levels – as per traders.
Cold weather conditions in growing areas in Gujarat kept intact prospects of better production this year. Strengthening of Dollar vs Re can support the export demand that traders expect will rise in coming weeks.
As per latest reports from the Spice Board of India, Indian exports of Jeera fell to 36,500 tonnes during April-Dec 2009 from 41,500 tonnes the same period the previous year.
Courtesy: Religare Commodities
