Commencement of fresh arrivals in the domestic market coupled with lacklustre demand from the overseas and local stockists led Jeera Spot prices to remain weak and settled 0.11% down on Wednesday.
However Futures witnessed short coverings towards the end of the session and settled 0.91% higher yesterday.
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 5,000 bags 1000 bags higher as compared to previous day while offtakes stood at 4,000 bags on Wednesday.
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-Decmber 2011 stood at 31,500 tonnes as compared to 21,750 tonnes in 2010-11, an increase of 45%.
Courtesy: Angel Commodities
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