Lower arrivals at the domestic mandi amidst lower offtakes led Spot prices to remain steady and settled 0.15% higher on Monday. Futures however witnessed selling pressure and settled 0.83% down anticipating better crop output resulting from favorable weather conditions in Gujarat and Rajasthan.
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 6,500 bags while offtakes stood at 6,000 bags on Monday.
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
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