Expectation that jeera crop in this season to be better as compared to previous year led Spot prices to trade 1.15% lower w-o-w. However, Futures witnessed mixed trades and settled 0.58% higher w-o-w.
Favourable weather conditions prevailing in Gujarat and Rajasthan have boosted the growth of the sown crop. This is restricting prices from trading higher. Demand from the overseas and domestic buyers also continues to remain dull.
According to Gujarat farm ministry, area sown under jeera till January, 18th 2012 stood at 3.682 lakh hectares (lh) up 50% as compared to last year while area covered in Rajasthan till date is expected to be 3.03 lakh hectares as compared to 3.30 lakh hectares in the same period last year. Carryover stocks of jeera is expected to be around 9-10 lakh bags as compared to 4-5 lakh bags in the last year.
Prices in the global markets of Indian origin are quoting around $2,800-2,950/tn while Syrian origin is quoting at $3,100-$3,150/tn.
Production, Arrivals and Exports
Unjha markets witnessed arrivals of 6,000 bags while offtakes stood at 4,800 bags on Saturday.
Production of jeera in 2011-12 is expected to be around 35 lakh bags as compared to 29 lakh bags in 2010-11. (Each bag weighs 55 kgs). (Source: spot market traders).
According to Spices Board of India, exports of Jeera during April 2011-November 2011 stood at 26,500 tonnes as compared to 20,750 tonnes in 2010-11, an increase of 27.7%.
Courtesy: Angel Commodities
Looking for a trading partner? visit commodityonline.com/franchisee
