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Spot prices of Jeera in the Indian markets surged more than 24% since April 2012, due to firm export demand amid reports of lower output in Syria and Turkey, according to a report from Angel Commodities.

18 Jul 2012

MUMBAI (Commodity Online): Spot prices of Jeera in the Indian markets surged more than 24% since April 2012, due to firm export demand amid reports of lower output in Syria and Turkey, according to a report from Angel Commodities.

Jeera prices rose from Rs.12425 in April 2012 to Rs.15450 per quintal in time span of three month. Jeera prices plummeted by almost 23% in the spot markets from a high of Rs. 16200 per qtl in the month of January 2012 to touch a low of Rs. 12425 in the month of April 2012.

Prices declined mainly owing to increased production that rose a whopping 66% from 1.32 lakh tonnes in 2010-11 to 2.2 lakh tonnes in 2011-12 and thereby increased availability of the spice during the peak arrival period. However, with declining arrival pressure, Jeera prices bottomed out in the month of April and started rising gradually , Angel Commodities Reports said.

In 2011-12, the area under Jeera cultivation in Gujarat (72% share in Indian production), increased sharply, leading to higher production of the spice crop in 2012.

According to Spices Board of India, exports of Jeera during April 2011- March 2012 stood at45,500 tonnes, increased by 40% as compared to 32,500 tonnes in 2010-11. In the first month (April) of current FY 2012-13, exports stood at 2,500 tonnes up by 6% compared to same period last year. For the financial year 2012-13, Spices Board has targeted 45,000 tonnes of exports, Angel commodities report said.

On NCDEX, Jeera August futures contract traded in the evening session at Rs.16045 per quintal, up by 0.14% on the back of weak arrivals.


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